Also been meaning to give a shout out to Hargreaves Lansdowne, since I've been moaning about them a lot on here. I've got a SIPP with them but I'm UK tax-non resident. Once I'd clarified what options I actually have for accessing the funds, (speaking to both Pension Wise and Which mag.) I gave them a call and they were very helpful, even suggesting a way to start the process with a minimal withdrawal with the aim of obliging HMRC to send H-L the non-resident certificate so that H-L can send me later withdrawals gross. They've also quietly beefed up their portfolio analysis tool although they keep it hidden away - they say they are planning to improve it further. They are quite happy that I'm a non -resident so long as I have a UK bank account, and here too I've got lucky as it turns out that HSBC, alone among the big banks, are perfectly OK with me keeping my current account while moving to a foreign address. For ages I had really thought I'd need to shift everything to non-UK platforms and banks, and had opened an account and experienced the full UX horror of Interactive Brokers. Well H-L are a lot more expensive but when it comes to platform functionality for punters like me who are mainly in funds, I've decided its still good value and I am not going anywhere. Hats off to them and to HSBC from a grateful traitor.😉
It's odd that HSBC stand alone amongst UK banks when it comes to people like yourself living abroad. My friends who live in Cyprus now suddenly had to close all their Barclays accounts after they had been there for about three years and struggled to find another UK bank with whom they could bank. Luckily an advisor in Cyprus suggested they open an account with HSBC in Jersey and apparently they couldn't have been happier with that suggestion. If HSBC UK catch up with the other banks then a Jersey account may be an option for people.
There’s a difference between your friends and my case. HSBC are saying that if you already have a UK current account and then move abroad they are OK with that because they already know you. Your friends in Cyprus cant open a UK current account. The question is why Barclays behaved like such ****s. I have read a lot of criticism of them. The overall issue is about cross-border regulations and “know your customer” stuff. I expect @TelMc32 will understand it all a lot more precisely than me.
Anyway it looks like HSBC have made a strategic decision to be more international in outlook. The Global Money account is good, and they introduced it in Oz a few years before they brought it over to the UK. Good on them.
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