nationwide

[mr hyde 1]

I am in the process of moving to Thailand and would like to move my money at nationwide to a new account at nationwide international. Rang them up and they want me to download the account opening form, print, complete and send it with certified copies of passport and proof of address (utility bill etc). I’d like to to complete the process as soon as possible as n’wide international pays better interest and anyway I’m paying tax unnecessarily at the domestic bank.

 

Perhaps someone here has done this switch while in Thailand? I will be grateful for any pointers to help me in this process, eg the certification by ‘an official’, proof of address, et al.

 

Also about the postal aspect? Couriering would be rather expnsive (£50+?), and I doubt nationwide would courier anything to me unless I paid for it.

 

Thanks a lot.

[sinkorswim 80]

do they allow you free withdrawals from all ATM's the same as nationwide UK? I would have though very easy to do just open an account then send your funds by TT transfer. When you move to LOS send them a letter telling them you are no longer an EU resident and you can get your interest paid gross.....like I do.

 

Make sure you can have internet banking from Thailand. I am with Barclays international but they failed to inform me of the fact I cannot have internet banking.

 

I still have my nationwide UK account as I use that for day to day living expenses.

 

Forgot to add you can open a international account from anywhere in the world.

Edited September 21, 2006 by sinkorswim

[Bullfrog 2,224]

Hi Sink or swim,

 

I have Barclays International , IOM and have internet banking, perhaps it is the type of account rather than the bank.

 

Hi Mr Hyde,

 

What branch of Nationwide International are you thinking of. If it is based in Douglas, IOM you now have to pay tax on your interest!!

 

EVERYBODY!!,

 

NEVER, NEVER access your internet banking in an internet cafe!!! It is not worth the risk or hastle even if you do eventually get your money back.

[Eneukman 1]

I have an account with both Nationwide and Nationwide Isle of Man.

 

I opened my account in the Isle of Man whilst I was still living in the UK and in fact picked up an application form from my local branch. As an existing customer, they certified a copy of my passport etc for me. When I moved, I changed the correspondence address to my brother's address.

 

Nationwide in the Isle of Man offer you accounts in sterling, US dollars or euros. They also have internet and telephone banking and once I had opened an account here, I completed a form to enable them to transfer funds direct to my Bangkok Bank. I can also transfer funds to my account from my ordinary Nationwide account over the internet.

 

The account I have is a 60 day notice account though I can instruct one notice free transfer of up to £10,000 per tax year. An alternative, if the funds have been in the account for more than 60 days is to accept 60 days loss of interest and have funds transferred immediately.

 

If you live outwith the EU, you can complete a form and Nationwide Isle of Man will then pay your interest WITHOUT deducting tax. The form allows you to keep a seperate correspondence address in the UK.

 

I don't have an ATM card for my account and don't think they would issue one in any event. I still have my Nationwide account in the UK into which dividends, pension etc are paid.

 

Re accessing your account in an internet cafe, someone suggested typing a load of shit onto Word Pad (including your account reference no) and then copying and pasting the correct bit. Nationwide and Nationwide Isle of Man both have a bit where you have to select 3 digits from a number by selcting them from drop down list by using your mouse. Loggers can't do anything about this .............. yet

 

Alan

[mr hyde 1]

Eneukman, Sinkorswim - appreciate your responses as nationwide customers with practical experience.

 

Seems clear that I should keep my present nationwide account even after opening one with nationwide international.

 

Unfortunately I'm not in England at present so can't a) pick up a form nor have them certify my passort copy. I suppose I must therefore print the form on their website and get a my bank here to certify it. But what about the proof of address? The woman on the phone mentioned the usual thing....utility bill. But in Thailand I won't have that. Sinorswim speaks of opening an account from anywhere in the world - I was hoping someone had solved the proof of address problem (with a thai address) vis a vis nationwide. But I think I'll just follow the method I cited above.

 

Maybe my best bet - using Eneukman's post - is to cite the same address as I have for my present nationwide uk account, use those utility bills etc if necessary. Then after the account is opened notify the address and residence change and require the interest to be paid gross etc - again using Eneukman's post. Is there an easier path that I've missed?

 

 

Bullfrog

I have to pay tax on interest with nationwide Isle of Man when I'm resident outside the EU??? This conflicts with what Eneukman states.

[Bullfrog 2,224]

Yes mate,

 

I was thinking back to the options that I was given when it changed earlier this year. Banks in IOM now have to declare customers details if requested by Inland revenue.They also have to collect tax for UK residents. But as the other advice says this can be avioded by completing the form.

 

 

I am sorry for throwing in a Red Herring!!!

[sinkorswim 80]

I have a business account which may be different. I personally would never recommend Barclays International they are incompitent. I have initiated 6 wire transfers and they made mistakes on 4 of them. I am in the process of changing my accounts to another bank.

 

I would sugest to the OP open the account using your current address then change it when you move here. To prove your address you can go to any British consulte and they will confirm your address for a small fee. Not sure how much but it can be done.

 

You can definatly get your interest paid gross. Most banks just ask you to complete a form.......As for bills will you have internet when you come over here? Lots of bills here have your name and address in english so that may be fine.

[papillon 695]

Re accessing your account in an internet cafe, someone suggested typing a load of shit onto Word Pad (including your account reference no) and then copying and pasting the correct bit. Nationwide and Nationwide Isle of Man both have a bit where you have to select 3 digits from a number by selcting them from drop down list by using your mouse. Loggers can't do anything about this .............. yet

 

There are programs that can run in the background that will record a video of everything that happens on the desktop. This can be done from a remote pc also.

 

Use your own laptop in an Internet Cafe wherever allowed and be careful of shoulder surfers and hidden cameras, etc.

 

You really shouldn't do any banking in a public arena but as most of us have no choice sometimes, create an account and keep the bare minimum of funds in it.

[Eneukman 1]

mr hyde, if you're renting a property here they might accept a copy (certified of course) of your rental agreement as proof of address. Using your current UK address may still be the easier option though.

 

Alan

[mr hyde 1]

mr hyde, if you're renting a property here they might accept a copy (certified of course) of your rental agreement as proof of address. Using your current UK address may still be the easier option though.

 

Alan

 

I decided to pretty much follow your own route, ie keep my nationwide a/c in england for day to day and atm use, & open an isle of man a/c where i can keep excess funds. But eventually I must surely get them to formally record my thai address - even if they accept a uk address (my brother's) for correspondence or whatever; otherwize how am I going to get my interest paid free of uk tax? And for that presumably I can submit the rental agreement & anything else with my name on that thai address.

 

bhc

[Eneukman 1]

I decided to pretty much follow your own route, ie keep my nationwide a/c in england for day to day and atm use, & open an isle of man a/c where i can keep excess funds. But eventually I must surely get them to formally record my thai address - even if they accept a uk address (my brother's) for correspondence or whatever; otherwize how am I going to get my interest paid free of uk tax? And for that presumably I can submit the rental agreement & anything else with my name on that thai address.

 

bhc

 

As far as I can recall, they gave me a form to complete in which I gave them my address in Thailand. I was able to give a seperate address to which correspondence should be sent. Alternatively, they might accept a letter from you giving your address in Thailand but requesting correspondence to be sent to your brother (or whoever) in the UK.

 

It's not UK tax that will be deducted but rather an EC withholding tax which is I think somewhere between 30% and 35%.

 

Alan

[mr hyde 1]

As far as I can recall, they gave me a form to complete in which I gave them my address in Thailand. I was able to give a seperate address to which correspondence should be sent. Alternatively, they might accept a letter from you giving your address in Thailand but requesting correspondence to be sent to your brother (or whoever) in the UK.

 

It's not UK tax that will be deducted but rather an EC withholding tax which is I think somewhere between 30% and 35%.

 

Alan

 

 

But....but...you mean after all that one doesn't get off paying tax on income from the isle of man account - even though one is resident, retired etc in Thailand???? So what is gained by putting the money in the off shore a/c....just the difference in uk/eu tax/witholding rates??? :

 

If so, wouldn't I be better off keeping the excess funds in an a/c in Dubai for example?