Need Advice on Banking and Pensions.

@FindlayMacD

Can I/we ask why they are going to close your account? Can't you simply open another UK based account online? Transfer your pensions to the new account? Not sure your banking system there but while living here we sold the farm and home in Australia and I opened an investment account with a large bank online and had the funds deposited there, that was 5 years ago and 7 months ago I started drawing a pension from my private super fund and deposits go that account every month, all accomplished from the Philippines online.

For funds to PH. I transfer from the investment account to my Westpac operating account as they have live market exchange rates, costs us AU 5 bucks for the transfer and their exchange rates are .1% lower than the market rate, we transfer pesos from Australia at the best exchange rate to our peso accounts here.

As said I'm not sure your systems there but works in Oz.

Hope you find your answers.

Cheers, Steve.

    @FindlayMacD
Can I/we ask why they are going to close your account? Can't you simply open another UK based account online? Transfer your pensions to the new account?
Cheers, Steve.
   

    -@bigpearl

I have no idea why they want to close my account, I tried to call them but it was bank holiday there yesterday so I'll try again today. I think I would have to be in the UK to open another UK account and the problem is that it would take forever to get debit/credit cards sent here to the Philippines. The letters they sent me about closing my account were dated April 2nd and I only received them yesterday and it says they are going to close my account  on the 6th of June about 10 days from now.

Contact them Findlay and post haste, we only have a debit card from Oz  and here for booking hotels or flights, got rid of Amex and credit cards. Not often we use the debit cards and everything else is cash. Our system works for us and no problems for 5 years. Funds go in the safe and use as required.

I get an email from BDO Manila every 2 years telling me the account is inactive and they are going to close it, I or Ben transfer 10 pesos to the account and active for another 2 years, all online. We should simply close it as we have not used those accounts for years.

Seems many countries from what I have read have banking difficulties not only in country but especially for those living O/S. I don't understand the problems with some countries, internet? Simple.

Cheers, Steve.

How about a Wise account?

@bigpearl

Actually they are going to close my account on 03/06/2024 less than a week from now, I am going to call them but I have to wait until 5:00pm Philippines time because that's when their customer services lines open.

@Nemodot

Do wise do current accounts, what I want really is Philippines account because otherwise it will take forever and a day for them to send me a debit and credit card from outside Philippines, Philpost is slow enough within the Philippines but for mail coming from overseas it is diabolically slow.

        @FindlayMacDCan I/we ask why they are going to close your account? Can't you simply open another UK based account online? Transfer your pensions to the new account? Cheers, Steve.        -@bigpearlI have no idea why they want to close my account, I tried to call them but it was bank holiday there yesterday so I'll try again today. I think I would have to be in the UK to open another UK account and the problem is that it would take forever to get debit/credit cards sent here to the Philippines. The letters they sent me about closing my account were dated April 2nd and I only received them yesterday and it says they are going to close my account  on the 6th of June about 10 days from now.        -@FindlayMacD

You made the FATAL mistake of telling the bank and NOt paying pension into a UK account.  Issue here is "know your customers" rules, too costly so they close your account. HSBC are the worst for that, Nationwide the best. Santander is more Europen and I heard they are as bad as HSBC.

Solutions.

1. Open an offshore account. Cheapest is Lloyds that only requires 50,000 pounds income.

2. Wise account that has no card, but UK sort code and account number. Decent rates and fees to transfer money.

3. Fly back to UK for a while and open a new account, Nationwideis good,  you need an address.  A good long term solution is UKPOSTBOX  service. I pay 21 quid a month for a UK residential address.

Do note your state pension should be frozen, if you never informed then and they find put you will be sued for the difference and in serious trouble.

    @FindlayMacD
Can I/we ask why they are going to close your account? Can't you simply open another UK based account online? Transfer your pensions to the new account? Not sure your banking system there but while living here we sold the farm and home in Australia and I opened an investment account with a large bank online and had the funds deposited there, that was 5 years ago and 7 months ago I started drawing a pension from my private super fund and deposits go that account every month, all accomplished from the Philippines online.

For funds to PH. I transfer from the investment account to my Westpac operating account as they have live market exchange rates, costs us AU 5 bucks for the transfer and their exchange rates are .1% lower than the market rate, we transfer pesos from Australia at the best exchange rate to our peso accounts here.

As said I'm not sure your systems there but works in Oz.

Hope you find your answers.

Cheers, Steve.
   

    -@bigpearl

100% can't open an account! As  ot resident.

            @FindlayMacDCan I/we ask why they are going to close your account? Can't you simply open another UK based account online? Transfer your pensions to the new account? Cheers, Steve.        -@bigpearlI have no idea why they want to close my account, I tried to call them but it was bank holiday there yesterday so I'll try again today. I think I would have to be in the UK to open another UK account and the problem is that it would take forever to get debit/credit cards sent here to the Philippines. The letters they sent me about closing my account were dated April 2nd and I only received them yesterday and it says they are going to close my account  on the 6th of June about 10 days from now.        -@FindlayMacD

You made the FATAL mistake of telling the bank and NOt paying pension into a UK account.  Issue here is "know your customers" rules, too costly so they close your account. HSBC are the worst for that, Nationwide the best. Santander is more Europen and I heard they are as bad as HSBC.


    -@Nemodot

My pensions were paid into my UK Santander account

I called Santander today and they will give no explanation with regard to closing my account and they are adamant that my account will be closed on 03/06/2024. So I called the Dept of Work and Pensions and I have now arranged for my UK state pension to be paid into my BDO Peso account. This is done through Citibank and exchange rates aside I believe there will be a transaction fee for this but I am unable to find out how much that will be.

Tomorrow I will deal with my other pension which is the Universities Superannuation Scheme (USS) and no doubt that will involve a fee as well.

Do you have an address in the UK Findlay? I have an address in Oz and it's my nephews home and with ID I could open another bank account from O/S, no need to be there as all done online but as said I have no idea of the banking system in any country aside from Oz.

Hope your new system works for you.

Cheers, Steve.

I have a nationwide account but understood i had to have an english address have which is supplied by my son I am on an extended holiday. i am retaining the option of returning to england to live by paying my taxes in england. Perhaps you have a relative who could supply an address for you.

    Do you have an address in the UK Findlay? I have an address in Oz and it's my nephews home and with ID I could open another bank account from O/S, no need to be there as all done online but as said I have no idea of the banking system in any country aside from Oz.
Hope your new system works for you.

Cheers, Steve.
   

    -@bigpearl

I used to use my daughters address and she would scan and forward any important letters to me and she used to send me ne credit/debit cards via DHL, but then DHL started to scan and detect credit cards and as I need my debit card to remit money through PNB Europe, Wise, Remitly etc I decided I better change my address so they would send any cards directly to me.

I am currently looking into opening a PNB Europe Peso savings account and having my pensions paid into that account because I would be able to remit directly from that account into my BDO account in the Philippines.

Seems a backward way but different strokes I suppose, good luck and hope all works out.

Cheers, Steve.

@FindlayMacD

The UK clearing banks of which Santander is one can close your account without giving you a reason under the current banking legislation.

If there is no suspicion of fraudulent activity involved there are usually two reasons: your income is insufficient to justify keeping the account open or that you are no longer considered a resident in the UK. I suspect the latter applies in your case Findlay. I am somewhat baffled as to why they don't tell you this although I suspect if you had a large balance this might not have occurred.

You can always make a 'subject access request' to your bank though to find out the information they have on you and by law the bank has to supply this.

It's often better these days to work on a 'need to know' basis. No laws are broken by not telling your bank that you are living permanently in the Philippines.

Some banks were bailed out by the UK taxpayer during the 2007/8 financial crisis and have zero empathy for the little guy.  That's gratitude for you.

I have had since 2006 had a PNB Europe remittance account and when I first opened it it was also a deposit account where you could keep some money ready to send to the Philippines, but they closed the deposit account side of things many years ago. I have been in touch with PNB Europe about opening a peso savings account with them, but when I told them I now live in the Philippines they said that all I have to do is open a PNB account here in the Philippines and then pass the details on to them in the UK.

Then they will give me the PNB Europe bank details and a reference number to give to my pension providers and once they receive the funds they will forward the money to my PNB account here in the Philippines. I have asked them whether this money will be transferred as a remittance incurring only the normal remittance fee for the amount sent or will there be additional fees and I am now awaiting their reply.

@FindlayMacD

I have been in touch with PNB Europe about opening a peso savings account with them

This bank has appalling customer service reviews online - even for a bank   Have you not considered a global money account with HSBC? No ATM withdrawal fees either.

    @FindlayMacD
I have been in touch with PNB Europe about opening a peso savings account with them


This bank has appalling customer service reviews online - even for a bank   Have you not considered a global money account with HSBC? No ATM withdrawal fees either.
   

    -@Lotus Eater

I have been grasping at straws with regard to this because Santander UK have given me so little time to make alternative arrangements, notification of account closure, 2 days ago (by philpost) letter from UK dated 02/04/2024 which they say what is required by law, 60 days notice. I have been trying to contact HSBC and someone got back to me earlier this afternoon from their Davao branch, but until I can talk to them I don't know if this will pan out.

@FindlayMacD

I understand your frustration.

Over the last few weeks I have been recording  and watching on UK freeview the original US 60’s TV series ‘Mission Impossible’ with the urbane Peter Graves and the demure Barbara Bain.

’Your mission Findlay, should you choose to accept it, is to locate an international bank that will value your custom’

Good luck. This message will self destruct in 5 seconds 🤣

I think you need to get your money out of santander uk before your grace period runs out and they then legally confiscate your funds or exact huge service charges. Can you open up a Wise account and deposit everything there in a checking account  ar least for temporary safe keeping? I think wise actually has UK roots.