UK bank accounts you can keep open after migrating to Australia?

[Wanderer Returns]

A very Happy Australia Day to one and all!  

I had a current account with Tesco Bank, which I've just had to close because they said it was only for UK residents. I was wondering if any forum members who are resident in Australia still have UK bank accounts open, and which banks allow you to be resident overseas without any issues?

Many thanks in advance.

[Tulip1]

36 minutes ago, Wanderer Returns said:

A very Happy Australia Day to one and all!  

I had a current account with Tesco Bank, which I've just had to close because they said it was only for UK residents. I was wondering if any forum members who are resident in Australia still have UK bank accounts open, and which banks allow you to be resident overseas without any issues?

Many thanks in advance.

I have heard that some UK banks are now closing accounts of customers who live overseas. Not all are but you’d struggle to open a new account here if you live overseas. 

Edited January 26, 2021 by Tulip1

[Marisawright]

43 minutes ago, Wanderer Returns said:

I had a current account with Tesco Bank, which I've just had to close because they said it was only for UK residents. I was wondering if any forum members who are resident in Australia still have UK bank accounts open, and which banks allow you to be resident overseas without any issues?

The big UK banks don't have a problem with overseas account holders, provided the account remains active (i.e. you're depositing or withdrawing money occasionally).  We use ours to buy birthday and Christmas gifts and that seems to be enough.  

Unfortunately, you won't be able to open another UK bank account now, because it's illegal for non-UK residents to open a new bank account in the UK (money-laundering laws).  

Edited January 26, 2021 by Marisawright

[calNgary]

Hubby still has a UK account with Santander (alliance & leicester when we left)they post his statements etc here.

Cal x

[Wanderer Returns]

28 minutes ago, Marisawright said:

The big UK banks don't have a problem with overseas account holders, provided the account remains active (i.e. you're depositing or withdrawing money occasionally).  We use ours to buy birthday and Christmas gifts and that seems to be enough.  

Unfortunately, you won't be able to open another UK bank account now, because it's illegal for non-UK residents to open a new bank account in the UK (money-laundering laws).  

I have other accounts with the Bank of Scotland and TSB but haven't tried to changed my address yet, so I don't know if they will allow it or not.

We need to get the proceeds of the house sale in there and transferred over here, first!

[Peach]

I have kept a First Direct account open, with no issues.

[ramot]

Nat west and LLoyd’s, both registered with our Australian address, almost everything done on line, new cards sent here plus bank statements and occasional mail.

[rammygirl]

Nationwide, Halifax, Bank of Scotland, Virgin, and Santander all fine with it.  TESCO could allow it if they wanted to.  If you are still in the UK then open an account with a bank that will allow it before you leave. It is useful. 

[Marisawright]

2 hours ago, Wanderer Returns said:

I have other accounts with the Bank of Scotland and TSB but haven't tried to changed my address yet, so I don't know if they will allow it or not.

We need to get the proceeds of the house sale in there and transferred over here, first!

We changed our address to my sister’s in Scotland rather than our own

[ramot]

17 minutes ago, Marisawright said:

We changed our address to my sister’s in Scotland rather than our own

Is that legal?

[North to South]

I’ve changed my address to my in-laws until we have a perm address here, but no one has said it’s an issue.  The only think I found out is that you can’t take life insurance out if you’re planning to move abroad in the future. 

[Wanderer Returns]

4 hours ago, Marisawright said:

We changed our address to my sister’s in Scotland rather than our own

 

2 hours ago, North to South said:

I’ve changed my address to my in-laws until we have a perm address here, but no one has said it’s an issue.  The only think I found out is that you can’t take life insurance out if you’re planning to move abroad in the future. 

I used my mum's address for donkeys' years when I lived over here before, but as she was my last surviving relative that's no longer an option. Good to know that most UK banks allow you to have an overseas address - I guess it's just Tesco Bank that doesn't play ball. 

[rammygirl]

Sometimes they don’t interpret the rules properly either. 
Santander wanted to close our account when I changed one Aus Address to another. Stating that we couldn’t hold the account anymore. 
I called and spoke to them and needless to say we still have the account with our current Aus address. Sometimes the computer says no but humans say yes. 

[rtritudr]

HSBC operates in both countries and you can even do real-time transfers between your accounts.

[ramot]

15 hours ago, Wanderer Returns said:

 

I used my mum's address for donkeys' years when I lived over here before, but as she was my last surviving relative that's no longer an option. Good to know that most UK banks allow you to have an overseas address - I guess it's just Tesco Bank that doesn't play ball. 

 

20 hours ago, Marisawright said:

We changed our address to my sister’s in Scotland rather than our own

I think it depends on your financial circumstances. It would make no sense for us to use a UK address, when we can use our Australian address for our UK bank accounts. If you hardy ever use your UK account fine, but all our income is from UK. Bank cards and statements and occasional mail reach us directly rather than involving a third party. I genuinely cannot understand why you would involve a third party unnecessarily if your home is Australia and your  UK bank has no problem with an Australian address. I wonder if there would be a query from the bank, on the occasional phone call when personal questions are asked to confirm who you are with an Australian telephone no, but a UK address? 

[Marisawright]

3 hours ago, rtritudr said:

HSBC operates in both countries and you can even do real-time transfers between your accounts.

But they still should not open a uK bank account for a nonresident as that’s illegal 

[Peach]

1 hour ago, Marisawright said:

But they still should not open a uK bank account for a nonresident as that’s illegal 

Not actually illegal, just made difficult.  Here's an account you can open from overseas, just need a UK address: Monzo Help - Opening a Monzo account if you're not a UK tax resident

[Marisawright]

2 hours ago, Peach said:

Not actually illegal, just made difficult.  Here's an account you can open from overseas, just need a UK address: Monzo Help - Opening a Monzo account if you're not a UK tax resident

I didn't say you had to be a tax resident of the UK.  However no bank in the UK - and we tried a few - would let us transact on a bank account until we provided proof of residency at a UK address, i.e. a bank statement, utility bill or some other official document with our name and UK address on it.  All of them told us it was a government requirement under new money-laundering laws.  

I can't see how Mozo expects you to verify your address, but if they are just taking the applicant's word for it, that seems surprising.

[Peach]

14 minutes ago, Marisawright said:

I didn't say you had to be a tax resident of the UK.  However no bank in the UK - and we tried a few - would let us transact on a bank account until we provided proof of residency at a UK address, i.e. a bank statement, utility bill or some other official document with our name and UK address on it.  All of them told us it was a government requirement under new money-laundering laws.  

I can't see how Mozo expects you to verify your address, but if they are just taking the applicant's word for it, that seems surprising.

I queried you saying it was illegal. It's not it is just difficult because of the money laundering laws.  The accounts that are available tend to be expensive: e.g.  International current account - Lloyds International (lloydsbank.com)

 

[Marisawright]

20 minutes ago, Peach said:

I queried you saying it was illegal. It's not it is just difficult because of the money laundering laws.  The accounts that are available tend to be expensive: e.g.  International current account - Lloyds International (lloydsbank.com)

 

The international current account is not a UK bank account. It's an account in pounds sterling.  It's not available to anyone who lives in the UK.  

The banks told us that they would be breaking money-laundering law if they allowed us to use an account without proof of address.  Breaking the law = illegal.  I don't have documentary proof of that so maybe they were shooting us a line, but they were all very definite about it.

Edited January 27, 2021 by Marisawright

[Marisawright]

6 hours ago, ramot said:

 I genuinely cannot understand why you would involve a third party unnecessarily if your home is Australia and your  UK bank has no problem with an Australian address. I wonder if there would be a query from the bank, on the occasional phone call when personal questions are asked to confirm who you are with an Australian telephone no, but a UK address? 

We didn't know whether our bank would have a problem with an Australian address or not.  We could have rung up and asked, but didn't have confidence we could trust the answer of a call centre. Easier to avoid the problem.

I can see how it wouldn't suit you, but it suits us anyway, because our UK bank account is our "holiday fund".  To us, it made no sense to have our cards sent all the way to Australia when we don't need them until the next time we're in the UK.   Apart from a few presents (ordered online so no need for the physical card), we don't transact on the account unless we are in the UK, and then it makes more sense for the bank to call our UK mobiles or our sistser's house as she will know where we are. 

Edited January 27, 2021 by Marisawright

[Parley]

6 hours ago, Marisawright said:

But they still should not open a uK bank account for a nonresident as that’s illegal 

So what is the penalty for you, if you are caught fraudulently claiming you live in the UK when you don't ?

 

[Jon the Hat]

2 hours ago, Parley said:

So what is the penalty for you, if you are caught fraudulently claiming you live in the UK when you don't ?

I don't think this is the point, the point is the bank could be penalised for letting you open a UK bank account without the appropriate proof you were a UK resident.

[rtritudr]

13 hours ago, Parley said:

So what is the penalty for you, if you are caught fraudulently claiming you live in the UK when you don't ?

 

Worst they can do is close your account and send you a cheque.

[Parley]

11 hours ago, Jon the Hat said:

I don't think this is the point, the point is the bank could be penalised for letting you open a UK bank account without the appropriate proof you were a UK resident.

So if you falsely claim you live in the UK and provide false documentation to them, it is their fault not yours if they don't find out.

What a strange system.