"Dumped" by major bank over three territories; need alternatives

[J2PI]

What options are there for someone who has been unceremoniously dumped by a major bank (after 30+ years), over 3 territories, without any reason given (and certainly no untoward activities!)?
Looking for safe, simple, and quick solutions as to where to place closing balance.

Any advice would be gratefully received.

 

[wellington]

Citizen Nation?

We're seeing a lot of this happening for 'Expats' living outside of the Western part of the World, due to compliance costs or lack of revenues produced.

 

[J2PI]

Citizen Nation?

We're seeing a lot of this happening for 'Expats' living outside of the Western part of the World, due to compliance costs or lack of revenues produced.

UK originally, HK Business, reside in third country - I think you are right.

*Apologies - just noticed that I posted this on the Cyprus Bank Account thread - have now reposted on "Offshore Bank Accounts and EMI Accounts" thread*

 

[wellington]

Ok, this is standard then.

Didn't want to directly theorise -> But being in Asia, is one of the issues.

UK Banks are averse to having clients that are outside of the region they get data-sharing from (as standard - not implying CRS - but interbank records).

Normally they call you for a update KYC which is actually Enhanced D-D.

Then they factor in their exposure to potential tax evasion (inquisitive) and cease the banking shortly after.

As the Banks are now policing on behalf of the Government(s) thats the usual process they carry through, if they have however just ceased service then (Natwest or Santander)? that would be recent as they've just started that approach.

Generally nothing to do with you, just easier to cease banking due to compliance, risks, etc.

You should be able to open an account with their overseas wealth division etc as standard as they are in looser locations and don't have to abide by domestic Government pressure.

Alternatively Wise, Revolut etc service for moving funds to cover overheads/bills etc.

 

[Clank]

Which bank is it? If you want an international bank you can try Barclays IIOM or HSBC Expat.

 

[jafo]

There is absolutely NO loyalty with ANY bank or Financial Institution. Keep that in mind when you are dealing with them.

 

[JohnnyDoe]

balance size?

 

[J2PI]

balance size?

GBP200K+

 

[JohnnyDoe]

GBP200K+

Open in the country where you reside or try with some EMI that accepts clients from there. You can also try in the US, but you need to visit in person.

 

[Why]

Citizen Nation?

We're seeing a lot of this happening for 'Expats' living outside of the Western part of the World, due to compliance costs or lack of revenues produced.

This is happening to me too. European living in Asia

 

[scooterguy]

Quick question:

What if OP did the following:

1) Create a US LLC (e.g., in Wyoming)
2) Open a bank account in the US for that LLC
3) Transfer his assets/investments to the LLC (hence to the LLC's bank account)

Is that doable in practice? Can it solve the problems that many outlined above?

 

[JohnnyDoe]

Quick question:

What if OP did the following:

1) Create a US LLC (e.g., in Wyoming)
2) Open a bank account in the US for that LLC
3) Transfer his assets/investments to the LLC (hence to the LLC's bank account)

Is that doable in practice? Can it solve the problems that many outlined above?

It’s doable but not all the banks accept to transfer the balance of a closed personal account to a corporate account.

 

[wellington]

This is happening to me too. European living in Asia

Happened to nearly all Brits in Asia... - did me - back-story:

I sent funds to an account i'd left open 10+ yrs in-case of an emergency, for funeral costs, realised after i'd deposited that the account was 'frozen' - rang the bank - was informed it was time for updated KYC which was actually EDD and tax-evasion questioning (have no connections to the UK except what was an empty account)... anyway they took all my details some months later (7) they rang my 96 yr old grandmother (bless her) instead of me (trying to get hold of me - no clue where they got that number from) she told them I was overseas had been for 15yrs, then never heard from them again (no way to contact them as a specialist department and you go round and round in circles), they never once sent a letter/email/called my mobile/landline even though they had all the information, around Aug accounts disappeared with the last statement stating a final balance transfer to an account i'd never heard off. - apparently a account they send cheques from - f**k knows where they are sending the funds.

Alas small potatoes, was more irksome being in the dark.

What i don't understand - that's a bank, main-street bank i'd banked with since 1996... (or held a dormant account with).

Wise is a EMI (last time i checked), they shouldn't be having the same issues as these issues are mostly focused towards the following (same happening in the EU, US).

The account terminations are due, in part, to a sweeping bureaucratic security process that’s supposed to thwart criminals and stop fraud, terrorism, money laundering and human trafficking.

If Wise is closing your account, and you are being rejected by EMI(s) which essentially are holding funds (likely in the same banks or the main routing banks) as a unsegregated account or segregated account (depends). -> then there is likely something more sinister going on for you personally....

----
I have a Belgium friend, actually owns chunks of the banks voting power (shares), family inheritance etc, holding a sizable amount in the Bank - personal relationship with the senior management.

Lived overseas 20 yrs, China, HK, Thailand.

Even he is being told they are un-banking everyone and they are trying to hold off for as long as possible before forcing him out.

More on De-Banking.
https://aseannow.com/topic/1307361-barclays-to-close-uk-accounts-of-all-british-expats/https://aseannow.com/topic/1301867-those-who-have-had-their-accounts-closed-by-uk-banks/
Specific to Asia (ASEAN) region.

-

 

[jafo]

Happened to nearly all Brits in Asia... - did me - back-story:

I sent funds to an account i'd left open 10+ yrs in-case of an emergency, for funeral costs, realised after i'd deposited that the account was 'frozen' - rang the bank - was informed it was time for updated KYC which was actually EDD and tax-evasion questioning (have no connections to the UK except what was an empty account)... anyway they took all my details some months later (7) they rang my 96 yr old grandmother (bless her) instead of me (trying to get hold of me - no clue where they got that number from) she told them I was overseas had been for 15yrs, then never heard from them again (no way to contact them as a specialist department and you go round and round in circles), they never once sent a letter/email/called my mobile/landline even though they had all the information, around Aug accounts disappeared with the last statement stating a final balance transfer to an account i'd never heard off. - apparently a account they send cheques from - f**k knows where they are sending the funds.

Alas small potatoes, was more irksome being in the dark.

What i don't understand - that's a bank, main-street bank i'd banked with since 1996... (or held a dormant account with).

Wise is a EMI (last time i checked), they shouldn't be having the same issues as these issues are mostly focused towards the following (same happening in the EU, US).

The account terminations are due, in part, to a sweeping bureaucratic security process that’s supposed to thwart criminals and stop fraud, terrorism, money laundering and human trafficking.

If Wise is closing your account, and you are being rejected by EMI(s) which essentially are holding funds (likely in the same banks or the main routing banks) as a unsegregated account or segregated account (depends). -> then there is likely something more sinister going on for you personally....

----
I have a Belgium friend, actually owns chunks of the banks voting power (shares), family inheritance etc, holding a sizable amount in the Bank - personal relationship with the senior management.

Lived overseas 20 yrs, China, HK, Thailand.

Even he is being told they are un-banking everyone and they are trying to hold off for as long as possible before forcing him out.

More on De-Banking.
https://aseannow.com/topic/1307361-barclays-to-close-uk-accounts-of-all-british-expats/https://aseannow.com/topic/1301867-those-who-have-had-their-accounts-closed-by-uk-banks/
Specific to Asia (ASEAN) region.

-

This was a great warning! Thanks for sharing!

Even he is being told they are un-banking everyone and they are trying to hold off for as long as possible before forcing him out.

Who is "they"? Can't the Belgian bank shareholder get the first names & last names of these "they"? He has enough firepower, he should be able to pre-emptively destroy their lives, right?

- Asking for a friend

 

[wellington]

Who is "they"? Can't the Belgian bank shareholder get the first names & last names of these "they"? He has enough firepower, he should be able to pre-emptively destroy their lives, right?

UK, EU, US etc are pushing the compliance costs up (as mentioned above) thus customers not living in region are being de-banked, even in his position he will be forced to eventually move his funds (my point) based on his discussions.

Being a 'strong stock holder' has saved his account from being de-banked so far, whereas customers of said bank have already been de-banked.

But his last conversation was met with 'can only hold off so long'.

UK, EU, US directive... how/what is only slowly leaking through in the media and conversations with bankers, + the compliance software - computer sais no.

Move back to Europe no issues.

 

[Why]

Happened to nearly all Brits in Asia... - did me - back-story:

I sent funds to an account i'd left open 10+ yrs in-case of an emergency, for funeral costs, realised after i'd deposited that the account was 'frozen' - rang the bank - was informed it was time for updated KYC which was actually EDD and tax-evasion questioning (have no connections to the UK except what was an empty account)... anyway they took all my details some months later (7) they rang my 96 yr old grandmother (bless her) instead of me (trying to get hold of me - no clue where they got that number from) she told them I was overseas had been for 15yrs, then never heard from them again (no way to contact them as a specialist department and you go round and round in circles), they never once sent a letter/email/called my mobile/landline even though they had all the information, around Aug accounts disappeared with the last statement stating a final balance transfer to an account i'd never heard off. - apparently a account they send cheques from - f**k knows where they are sending the funds.

Alas small potatoes, was more irksome being in the dark.

What i don't understand - that's a bank, main-street bank i'd banked with since 1996... (or held a dormant account with).

Wise is a EMI (last time i checked), they shouldn't be having the same issues as these issues are mostly focused towards the following (same happening in the EU, US).

The account terminations are due, in part, to a sweeping bureaucratic security process that’s supposed to thwart criminals and stop fraud, terrorism, money laundering and human trafficking.

If Wise is closing your account, and you are being rejected by EMI(s) which essentially are holding funds (likely in the same banks or the main routing banks) as a unsegregated account or segregated account (depends). -> then there is likely something more sinister going on for you personally....

----
I have a Belgium friend, actually owns chunks of the banks voting power (shares), family inheritance etc, holding a sizable amount in the Bank - personal relationship with the senior management.

Lived overseas 20 yrs, China, HK, Thailand.

Even he is being told they are un-banking everyone and they are trying to hold off for as long as possible before forcing him out.

More on De-Banking.
https://aseannow.com/topic/1307361-barclays-to-close-uk-accounts-of-all-british-expats/https://aseannow.com/topic/1301867-those-who-have-had-their-accounts-closed-by-uk-banks/
Specific to Asia (ASEAN) region.

-

Damn that is not reassuring!
i do not have any illegal activity (besides living abroad which seems to be frown upon now.
i kept an account in the UAE from the times i was working there. Do you think that would be a viable solution to trnsfer my holdings from Wise to them, or am i at risk of getting blocked again and going through the same process?

 

[wellington]

Who is "they"? Can't the Belgian bank shareholder get the first names & last names of these "they"? He has enough firepower, he should be able to pre-emptively destroy their lives, right?

UK, EU, US etc are pushing the compliance costs up (as mentioned above) thus customers not living in region are being de-banked, even in his position he will be forced to eventually move his funds (my point) based on his discussions.

Being a 'strong stock holder' has saved his account from being de-banked so far, whereas customers of said bank have already been de-banked.

But his last conversation was met with 'can only hold off so long'.

UK, EU, US directive... how/what is only slowly leaking through in the media and conversations with bankers, + the compliance software - computer sais no.

Move back to Europe no issues.

Damn that is not reassuring!
i do not have any illegal activity (besides living abroad which seems to be frown upon now.
i kept an account in the UAE from the times i was working there. Do you think that would be a viable solution to trnsfer my holdings from Wise to them, or am i at risk of getting blocked again and going through the same process?

FYI 3m Brits have been de-banked since Brexit (across the Eurozone), 1.2m Brits have been de-banked since these new changes (across the UK).

It's not a case of doing something wrong, it's a case that the compliance costs of servicing clients outweighs the benefits of holding them as customers.

It doesn't matter if they have 100 quid or 5m quid -> the banks can't look into the source of wealth because its overseas outside of information sharing, ergo, you could claim it came from a sale of an asset there's no checks and balances like in the West so they can't verify that and documents can be manipulated at the time or post, there's just no way to verify.

So they de-bank.

To your question...

If you are not living in the UK there should be no issues moving funds from Wise to Dubai, if there's a purpose behind the transaction etc... i.e you have your circle of life outside of the UK, have connections to Dubai.. etc.

 

[Why]

UK, EU, US etc are pushing the compliance costs up (as mentioned above) thus customers not living in region are being de-banked, even in his position he will be forced to eventually move his funds (my point) based on his discussions.

Being a 'strong stock holder' has saved his account from being de-banked so far, whereas customers of said bank have already been de-banked.

But his last conversation was met with 'can only hold off so long'.

UK, EU, US directive... how/what is only slowly leaking through in the media and conversations with bankers, + the compliance software - computer sais no.

Move back to Europe no issues.

FYI 3m Brits have been de-banked since Brexit (across the Eurozone), 1.2m Brits have been de-banked since these new changes (across the UK).

It's not a case of doing something wrong, it's a case that the compliance costs of servicing clients outweighs the benefits of holding them as customers.

It doesn't matter if they have 100 quid or 5m quid -> the banks can't look into the source of wealth because its overseas outside of information sharing, ergo, you could claim it came from a sale of an asset there's no checks and balances like in the West so they can't verify that and documents can be manipulated at the time or post, there's just no way to verify.

So they de-bank.

To your question...

If you are not living in the UK there should be no issues moving funds from Wise to Dubai, if there's a purpose behind the transaction etc... i.e you have your circle of life outside of the UK, have connections to Dubai.. etc.

The only purpose behind the transaction is to recover my funds from my blocked Wise account.

 

[wellington]

The only purpose behind the transaction is to recover my funds from my blocked Wise account.

Well if Wise release funds, there shouldn't be issues.

 

[Clearsky Network]

What options are there for someone who has been unceremoniously dumped by a major bank (after 30+ years), over 3 territories, without any reason given (and certainly no untoward activities!)?
Looking for safe, simple, and quick solutions as to where to place closing balance.

Any advice would be gratefully received.

Try EMI