24 Moved to West Africa need bank account tips.

FindingThosePennies

I recently finished my master’s course and began a new job in November. I am currently earning approximately £3,000 per month after tax while working in West Africa, and I have saved around £10,000 to date. I am paid into my Wise account by a US company that operates in West Africa. When it comes to UK-based finance, I would say I understand the basics; however, when it comes to being an expat, I am completely unsure.

I was born and raised in the UK, where my family still resides, and I use my parents’ address as my permanent address, as I have been a student for the majority of my life.

With my current job, I return to the UK three to four times per year, spending approximately three to four months in total. I plan to return to the UK permanently in around 18 months. I intend to contact HMRC to notify them that I may no longer be a UK tax resident.

I would like advice regarding my current financial situation. I currently hold several UK accounts, including 2 current accounts, a Wise account (through which I receive my salary), and 3 credit cards AMEX, Lloyds Ultra and Klarma - closing one soon. I have no outstanding debt.

My main questions are as follows:

1. Do I need to close my existing credit cards while living abroad?
2. Am I able to open a new credit card in my current circumstances? If so, how should I proceed?
3. Should I open a new offshore current account while living overseas, or maintain my existing accounts? If so where because alot of them seem to have very high transfer requirements.
4. What would be the most appropriate way to manage my savings, given that my funds are currently sitting idle with no interest? I am interested in low-risk options.
5. When I return to the UK, how can I demonstrate that I have paid tax in my current country of employment, given that the local system is not well formalised bascially bribes and stamp on paper?

I would be grateful for any guidance you can provide.

eskbanker

If you're not living in the UK then you need to declare this to your current and prospective financial services providers - chances are very few will offer you new products but whether or not they'll close existing ones is up to them and their policies.

Grumpy_chap

https://forums.moneysavingexpert.com/discussion/6662206/24-moved-to-west-africa-need-bank-account-tips

From a banking perspective, are you really living abroad?

You spend 3 - 4 months in UK in month - long blocks.

That means 8 - 9 months abroad in 8 - week long blocks.

Only expected to be so for 18 months.

I don't have a great deal of sympathy for posters who have accounts closed after moving abroad but in this case I do wonder whether it really counts as moving abroad.

mta999

in my humble opinion this isn't moving abroad. A temporary 18 month job does not change your tax status.

eskbanker

I intend to contact HMRC to notify them that I may no longer be a UK tax resident

They will direct you towards the Statutory Residence Test, which entails the application of a structured set of rules to ascertain whether or not you're deemed to be UK-resident for tax purposes - the outcome of that process will determine answers to your questions…

born_again

https://forums.moneysavingexpert.com/discussion/comment/81946244#Comment_81946244

Has the OP informed their bank that they are out of the UK for long periods & working out there, as this drops in to FATCA especially with a USA company involved.