UK/ML advice, please: Nat Insurance, banks

Hi all --

My first post here.

My partner and I plan to live in KL, probably from late October.

Do I need to tell UK banks I'm moving abroad -- I mean, is it considered secretive not to? My finances are really as simple as they could be, but I do want to keep up NI payments without paying fees to change money.

Will banks want to close accounts down if I live abroad, or after a certain length of time?

Thanks in advance!

Hi there,

You don't actually need to tell them that you are moving abroad, but it doesn't really matter whether you do or don't. I tell all my banks where I live and I update my address whenever I move to a new address. You will still receive net interest on your savings unless you open an offshore account.

I've had a Lloyds Bank account since 1976 and I don't use it but they still send letters to me our here. So they won't close your account unless you specifically ask them too. Accounts that are not used for a long time may become dormant but can easily become active again. You balance will remain there even if the account becomes dormant.

If you are from the UK then I would strongly recommend you opening an HSBC account in the UK (if you don't already have one). HSBC banks are common around Asia and there are several branches in KL. And if you have an HSBC Premier account already in the UK then you can open a Premier account in KL too and that means transfer of money between the UK and Malaysia can be done with no transfer fees at all by online banking.

If you do not have an HSBC Premier account in the UK, then consider opening one in Malaysia (I think you need to have around RM200,000 in the account to qualify). You can open a multi-currency account in KL in Pounds Sterling and transfer it instantaneously from the UK to KL and vice versa. There is no control on that and I do it all the time. But also just a normal HSBC account is good to open, you'll just pay some small charges when making overseas transfers.

HSBC is pretty much the only UK bank to be found in Malaysia, at least for normal personal banking, that's the only reason I am suggesting to open one in the UK and then in KL and have HSBC link them up so you can do online banking between them. That way you can control your money better in the UK/KL.


Technically you should tell them and all accounts will be closed. As a non resident younare not entitled to credit cards, ISAs etc

However if you dont tell them......

Nemodot :

Technically you should tell them and all accounts will be closed. As a non resident younare not entitled to credit cards, ISAs etc

However if you dont tell them......

Nemadot. Are you sure about?

I've held a Lloyds Bank account since 1976 and lived all over Asia and Europe for the past 36 years and my account and credit card are still active and Lloyds have always been informed of my overseas addresses.

The same goes for HSBC UK. My accounts are active, I even invested in ISA's for a couple of years, and my credit card is active. Furthermore, HSBC Premier UK helped me to open a Jersey offshore account for foreign currencies while I lived in Malaysia.

I've never heard that if you move away from the UK that your accounts will be closed. Obviously if you have savings and a mortgage in the UK, they are not going to close anything. You just write them a letter informing them of your change of address and they start sending all the statements, policy updates, credit card and marketing information to wherever in the world you are living. I mean how are you supposed to send money back home if your bank closes your accounts?

Of course, it is worth checking this out with your own bank just to be on the safe side.


Yes very sure. You have to tell them you are coming back after a short contract or travelling. It is is the small print of all major banks. HSBC closed my accounts. It is hard as if you go back no credit rating so cant even get a debit card!

Those working as a diplomat and armed services are ok as well.

If you have a pension fund can contribute for 5 years (that maybhave changed recently) but not allowed ti use ISAs etc

That sucks then!

But I guess I was lucky all these years, so it is worth checking it out back in the UK before you come over here.

Thanks to both of you for all this!

Am discussing it all with my partner now.

All best wishes.

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