Barclays’ choice to close down as lots of expat accounts worldwide as they can discover is triggering distress among British senior citizens and long stayers in Thailand. The bank declares the factor is that Barclays’ house services are for UK citizens, however Pattaya expat Mike Gilmore states he has actually been an expat client for over thirty years. “The genuine factor is they are not making adequate cash from us,” he stated, “and do not desire the trouble of handling abroad consumers as they continue to close branches and cut personnel numbers.”
The bank is using an option to change to a worldwide account at its overseas bases in the Island of Male and the Channel Isles which are technically not part of the UK. The disadvantage is that there is a regular monthly service fee of 40 pounds unless a minimum of 100,000 pounds are continued a continuous basis in the exact same account. Other issues might consist of an intricate online preliminary registration to move cash globally, renewal problems when a charge card ends and risks to close the account if the balance is too little. Absolutely no interest is paid on a lot of present and cost savings account.
The Barclays relocation is not unanticipated as lots of expats, consisting of Brits based in Thailand, had actually currently been purchased to move their UK-based accounts when the bank found that they were utilizing a UK post-restante address– frequently a relative’s– as their routine contact address. In 2021 Lloyds Banking Group, that includes Halifax and the Bank of Scotland, had actually purchased the closure of countless British expat accounts, primarily in Europe.
Another Pattaya Brit, Ken Taylor, stated he had actually been informed to close his Barclays account by mid November 2023. “I reside on modest pensions in UK which I require to be moved monthly.” He stated he was calling the service providers to see if they would move straight to his Thai checking account however had actually been cautioned that some pension business charged additional, or utilized poorer currency exchange rate, or perhaps demanded sending out a cheque which was difficult to money here.
Ken Taylor included, “Although the Barclays news will not impact most British expats in Thailand as they have actually currently made other banking plans, it does show how living abroad brings its own issues. We likewise need to stress over the reports of modifications in the Thai tax system, a flat rejection by the British federal government to update frozen state pensions and what the migration bureau might or might not be preparing.”
