Money when overseas

[dramallamaforamama]

Hi - I've been offered a job in Hong Kong to start when my visa comes through in a few weeks.

What did you do about money in the U.K. when you moved?

I've got a fat that has to be rented out in the U.K. so I wanted to keep my current account to allow rent to go in and out from that.

I also have an isa with £25k in which I wanted to keep in the U.K. rather than transferring and lying exchange rates on.

However everything I read seems to suggest I can't keep my U.K. bank accounts. Is that right? What did you do?

I kept my UK accounts - there are some things that you can't add to but your bank will advise you. I am with Nat West and they were very helpful.

You can usually keep your existing accs but it’s almost impossible to open new ones. You will also not be able to add any more to your ISA whilst you are away.

I’m with First Direct and would definitely recommend them for current account. Don’t use them to transfer your money abroad though because although the fees are very low the exchange rates they give are appalling. Use a third party like Revolut, TransferWise or a currency broker.

Keep the existing accounts. Opening a new one once you've left is nigh on impossible. Make sure online banking is fully set up.
Infact, see if you would qualify for an HSBC international account. Pretty sure SAAB is active in HK. If so, open one before you go.
ISAs are fine to lay dormant. You cant add to them tho.
Try not to shift too much money back and forth! Easier said than done!!!!
Enjoy your new adventure!

I moved to the US nearly 12 years ago and still have a UK First Direct account and ISA, and life insurance there.

I've kept a UK current account, and unrelated credit card, since living outside of the UK for nearly 4 yrs. I use my parents' address for them both.

I left the UK 13 years ago and still have/use my HSBC UK accounts. My address has been changed to the country I've move to, too. There was no faffing around with using a parents' address or anything like that.

Meant to say - I still use those UK accounts, but they're not my everyday accounts. I do hold several bank accounts in my "new" country too.

you usually can keep the account.
but possibly the bank charges a fee for overseas residents.
and you cannot get overdrawn a penny.

greenelephantscarf I've not had any fees charged and I also have the exact same agreed overdraft limit as I had when I lived in the UK.

Could well be that rules have changed in the last decade or so, but not retroactively applied.

You can keep accounts, not a problem. Tax free accounts like isas have restrictions but unless you are moving for good and changing your nationality then you simply leave them as is - better still go paperless bug list your address with a family member in the U.K.

We have lived in Singapore and Australia- we used the HSBC international accounts which were good, also had local accounts for wages, rent etc

We kept our accounts and did a change of address.

Yes you can keep your UK bank account. We also kept credit cards (with Halifax).

Do you have a mortgage on the flat you will be letting? If so, banks are now more strictly enforcing the rules about non-resident (buy to let) mortgages if you live out of your flat for more than two years. You are likely to be forced to enter into a new mortgage. That new mortgage will almost certainly be on less advantageous terms to you (ie higher rates, and the bank insisting on a new valuation, at your costs of course).

Agree with opening an HSBC international account, if possible before you move, so you are up and running by the time you arrive. Opening a new bank account in HK can be a very fraught process - better to get the process done before you move. And even doing it before you move is still a hassle. Brace yourself for a long time on the phone, followed by a visit to a branch (or two in our case, as our utility bills didn’t show our middle names 🙄).

YY to HSBC. I just have a normal 'advance' account and can view my accounts in 2 countries on one screen & transfer fee free (..not the best rate but fine for day to day stuff)
Keep ISAs, don't add to them.
Set up any investment accounts before you go while you are still resident.
Set up a SIPP. For the first 5 years you are away, if you put in £2800, the Government will £600
Don't trust a lot of financial services that will swoop in and try to sell you products which will turn out to have high fees.
I suggest reading 'The Millionaire Teacher' (suitable for non teachers too) which explains about passive investing and avoiding the sharks

I left the UK 24 years ago and still have several accounts there as does dh.
We also still have UK credit cards. You can open offshore bank accounts and will need confirmation of address, certified copy of passport and also details regarding source of funds.

Make sure you still keep a UK phone number. I'm continually locked out of my HSBC bank accounts (due to my own techno errors ) and the mobile app often wants to send a digital reset key code to a phone number. However, it can't seem to do this to an overseas (US anyway) number

Seconding advice above about keeping UK bank accounts. The mortgage one is tricky - technically if you become an overseas resident for tax purposes (i.e. you pay all your tax in HK) then you wont be able to get a regular BTL mortgage as you'll be an overseas investor. Its really difficult and expensive as a result to secure one

Get yourself set up now for self assessments tax returns if you haven't already to declare your flat income etc, as that process is arduous - more so than the return itself!