UK Bank account for expats

nomad97 said:
Very interesting. I like the first option better. Need further review and then go for it.
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Not sure with the first one if you need to use a UK address. I am advised that with Monzo you don't.

My daughter uses the Monzo card for overseas travel and funds the Monzo account from her main Nat West account.


I am looking at the TW Borderless account as a possible solution for a friend who currently has his occupational pension paid to Bangkok Bank, London for onward transmission. TW will be a much more cost effective method.
 
Re MONZO.........

Do I need to be a UK resident?
Yes, you currently need to be resident in the UK to get a Monzo card. We hope to launch internationally in the future though!

That seems to just leave Transferwise Borderless account

..
 
I have used Transferwise for most of this year when transferring pensions on behalf of the Thai Widows CO-CO and I help. Beats every bank hands down
 
It looks as if you already have an account if you already use Transferwise to move your money. I have just checked and I do have an account number, a sort code and a bank address. Its hidden on the opening screen after logging into your account.

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Click on the union flag and that will take you through to your account details.

Full information on how to use the account in shown in the help screen. The first page before scrolling looks like this:

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nookiebear said:
STANDARD BANK I.O.M. DO NOR REQUIRE A UK ADDRESS
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I am with NatWest I.o.M. (unfortunately) but I doubt that they'd allow me to open a new account without a UK address. And I've been with the group for some 25 years (with an overseas (Asian) address).
 
I have three pension providers, 2 sending payments to my IOM Lloyds account, the third to the RBS for onward move to Thailand. I think I will give this a full trial using the third payment currently done by RBS. If I am happy with the new service I will close my account with Lloyds and redirect the two other payments to Transferwise. For me, this would result in a saving of some £ 346 per year in bank fees. Better in my pockets than theirs.
 
I only have two pension providers (as per yesterday), one of which transfers the money directly into my Thai bank free of transfer charges, the other deposits monthly payments into my I.o.M. bank account in Sterling. I am still awaiting @CO-CO 's advice of when the Sterling - Baht exchange rate is at the optimum to bring the cash to Thailand.

[Edit - 42.07 - FFS!]
 
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Yorky said:
I only have two pension providers (as per yesterday), one of which transfers the money directly into my Thai bank free of transfer charges, the other deposits monthly payments into my I.o.M. bank account in Sterling. I am still awaiting @CO-CO 's advice of when the Sterling - Baht exchange rate is at the optimum to bring the cash to Thailand.

[Edit - 42.07 - FFS!]
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