UK Banking

CO-CO

Rather wrinkly & occasionally cantankerous member
Just a quick heads up. Two stories came to my attention today.

The first is perhaps of no concern to most - Starling bank have frozen the account of a friend pending investigation. They mentioned a large number of Transferwise transactions, including many to Thailand. This is a genuine business account with many receipts via card processing via Worldpay. Supplier payments are often to Spain and Poland. The account is also used to fund personal Thai expenditure.

Personally, I think this is a Money Laundering probe. I would be concerned if it was targeting customers using Transferwise.

Another friend of a friend said that LloydsTSB had given him 2 weeks to prove that he was resident in the UK, or close the account. Nothing unusual about the account, 3 pension payments in then payments out to Thailand. This one does concern me; if they are actively reviewing non-resident accounts it could cause a problem for many.
 
Another friend of a friend said that LloydsTSB had given him 2 weeks to prove that he was resident in the UK, or close the account. Nothing unusual about the account, 3 pension payments in then payments out to Thailand. This one does concern me; if they are actively reviewing non-resident accounts it could cause a problem for many.

A question: Had the friend of a friend stipulated that he lived in the UK to open the account when he didn't actually live in the UK? "Normally resident" I think HMRC refer to it as.

I have an account in the IOM which is "registered" to my Thai address. I opened the account in 1994 (albeit in the Jersey branch at the time) when I was resident in Malaysia before money laundering was on the hit list.
 
A question: Had the friend of a friend stipulated that he lived in the UK to open the account when he didn't actually live in the UK? "Normally resident" I think HMRC refer to it as.

I have an account in the IOM which is "registered" to my Thai address. I opened the account in 1994 (albeit in the Jersey branch at the time) when I was resident in Malaysia before money laundering was on the hit list.
The HMRC term is "ordinarily resident"

I have accounts at Barclays and Nationwide, into which my pensions are paid. Both are registered at my sisters home address, and I never send money direct from these accounts to Thailand. I always transfer via Transferwise..............cheaper and quicker!
 
The HMRC term is "ordinarily resident"

I have accounts at Barclays and Nationwide, into which my pensions are paid. Both are registered at my sisters home address, and I never send money direct from these accounts to Thailand. I always transfer via Transferwise..............cheaper and quicker!

Are you required to "prove that you live in the UK?". I'm not sure how this is accomplished if you do not (or even if you do). Does HMRC have your address as UK or Thailand? (Please don't answer that if it incriminates you in any way).

What did you do before "Transferwise" existed?

Obviously it will be @CO-CO who may answer my question.
 
Are you required to "prove that you live in the UK?". I'm not sure how this is accomplished if you do not (or even if you do). Does HMRC have your address as UK or Thailand? (Please don't answer that if it incriminates you in any way).

What did you do before "Transferwise" existed?

Obviously it will be @CO-CO who may answer my question.


What was your question?
 
What was your question?

I thought the preceding words may have given it away.....

"A question: Had the friend of a friend stipulated that he lived in the UK to open the account when he didn't actually live in the UK?"
 
Before Transferwise, I seem to recall I transferred using Halifax, Not sure how, as I don't have an account with them,. Was the cheapest of the High Street banks
 
Before Transferwise, I seem to recall I transferred using Halifax, Not sure how, as I don't have an account with them,. Was the cheapest of the High Street banks

In the past I used the RBSI (Jersey) telephone banking system although after I retired from McAlpines the account was dormant for around 15 years (with a balance of less than £1,000.00*) until DWP started paying my OAP into it.

[*I'd cleared out the majority of the balance when my ex-wife's solicitor was attempting to lock ALL my bank accounts].
 
This is a genuine business account with many receipts via card processing via Worldpay. Supplier payments are often to Spain and Poland. The account is also used to fund personal Thai expenditure.

"A genuine business account"...[which is]..."also used to fund personal Thai expenditure(s)."
Are you kidding me? Have another glass.

Which independent accounting firm is handling the books ? lol

I believe member Colin could weigh in on this from a UK Revenue POV.

In the United States the Internal Revenue Service would look strongly at [and most likely negatively on] that.
 
I thought the preceding words may have given it away.....

"A question: Had the friend of a friend stipulated that he lived in the UK to open the account when he didn't actually live in the UK?"
So "what did you do before TransferWise" with a question mark after it, wasn't also a question?

Just trying to ascertain how many questions require answers.
 
"A genuine business account"...[which is]..."also used to fund personal Thai expenditure(s)."
Are you kidding me? Have another glass.

Which independent accounting firm is handling the books ? lol

I believe member Colin could weigh in on this from a UK Revenue POV.

In the United States the Internal Revenue Service would look strongly at [and most likely negatively on] that.
Clearly banking is not your area of expertise.

This is nothing to do with tax authorities.
 
So "what did you do before TransferWise" with a question mark after it, wasn't also a question?

Just trying to ascertain how many questions require answers.

Well, the question regarding Transferwise was obviously directed at @Prakhonchai Nick because he was the poster who brought it up.

My question to you was about the situation with your friend's friend who is being investigated(?) in regard to having a UK bank account - Is his/her bank account aligned to a UK address and do the bank know that he or she is living in Thailand?
 
My question to you was about the situation with your friend's friend who is being investigated(?) in regard to having a UK bank account - Is his/her bank account aligned to a UK address and do the bank know that he or she is living in Thailand?

My concern is not for your friend's friend as I am sure he can deal with it himself; but for myself. Is my bank about to threaten to close my IOM account because I don't have an address in UK?

Banking is not my area of expertise also.
 
Clearly banking is not your area of expertise.

This is nothing to do with tax authorities.

Definitively - money laundering.

So a financial institution (ie: bank) would independently freeze a customer's account "pending an investigation" without specifically notifying their customer as to their reasoning...really ?

Sounds like a fairly fooked up banking relationship strictly from a "banking" standpoint.
 
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Definitively.

So a financial institution (ie: bank) would independently freeze a customer's account "pending an investigation" without specifically notifying their customer as to their reasoning...really ?

Sounds like a fairly fooked up banking relationship strictly from a "banking" standpoint.

I missed the account freezing reference. I thought it was just being told to close the account, i.e. take all your money and bugger off!
 
I missed the account freezing reference. I thought it was just being told to close the account, i.e. take all your money and bugger off!

That was the second scenario from Co-Co...that might or may not concern you.
 
Going back to the opening post regarding Lloyds Bank requiring proof the account holder was UK resident. I would mention that I am currently assisting a widow whose late husband had both a Lloyds and TSB account, both of which showed him as living in Thailand. No problems when he was alive, but only now, since he was overdrawn on both accounts, and has no estate from which to repay .
 
Well, the question regarding Transferwise was obviously directed at @Prakhonchai Nick because he was the poster who brought it up.

My question to you was about the situation with your friend's friend who is being investigated(?) in regard to having a UK bank account - Is his/her bank account aligned to a UK address and do the bank know that he or she is living in Thailand?


This bit fooled me......


What did you do before "Transferwise" existed?

Obviously it will be @CO-CO who may answer my question.
 
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