It’s all part of banks mandatory KYC process. This typically involves
Customer Identification
• Identity documents (port, driving licence, national ID card)
• Proof of address (utility bill, bank statement)

Customer Due Diligence
• ing identity and background
• Assessing purpose of the or relationship
• Understanding the customer’s financial profile and source of funds

As for what approach to take …. There isn’t really a lot of choice than to comply and answer their questions.

 

It is basically the same in the US and .

 

Can you give an official link for required income information?

 

I changed all of my details with all the institutions that I still have dealings with in the UK at or just after we moved over in 2020.
Not one wanted any extra information (maybe they might if you move now).

I have bonds and I transfer back to my Uk Nationwide as we spend.
I move my pension every month from Nationwide to Wise.
Nationwide did tell me a couple of years ago that I would not get a new credit card when the old one expired. but I did. They closed both the savings s and the ISA ones as they said I wasn't a UK resident.
HMRC are happy with me being in Spain and message me on my Spanish mobile when they have some rubbish to share. Or when I check my NI contributions and pension forecast.

I found a way around the silly nationwide app that only works for UK mobiles by putting Nord on the mobile and it then let me the credit card app so I can still use it (it needs to authorise all payments made online). Strange really when I spoke to them they said it would not work as the system wouldn't recognise a Spanish mobile number, but it does (the phone just has to think its in the UK) hence Nord....

I keep getting T&C updates but have never had any forms to fill in. (YET)...

But to be honest, if my private pension didn't HAVE to pay out to a UK bank I would have closed everything down and cut ties with the UK completely, in a financial way anyway ages ago.

 

All to do with money laundering laws.

 

I have both Nationwide and Lloyds s and not had a peep out of either for years.
Both happily send new cards to my PO box in Spain, just recently had debit and credit cards from Lloyds in fact. Having been non resident for around 18 years now may be having some impact on that so it may be different for some more recent emigres.

 

Could depend on your balance??

 

Doubtful.

Had under £20 sitting in NW for years as I never use that A/C (and likely never will whilst they prevent me from installing their app on my phone) and about £300/mth goes into Lloyds from a private pension the larger part of which gets transferred to Spain more or less on receipt so there's rarely more than about £100 left in it. That's one of the reasons I keep Lloyds going the other being that I have a credit card with them with some £14k worth of credit available (way back from when I quit UK 18 years ago!) which I do occasionally use, say if making a large online purchase, to benefit from the protection it can afford and buying gifts for family in UK etc.

 

All comes down to individual circumstances, how the used, income levels, sources of income, length of tenure with the bank etc etc. There is never one size fits all with the KYC process or what triggers questions. It's not just UK banks that do it, most banks in most countries have broadly similar processes. As has been mentioned it's all part of a banks AML obligations.

 

There is also the fact that some types require you to be a UK resident and if you have changed residency since opening such an they may wish you to change bank or type. Same for some financial products as someone experienced above.
Ultimately, there is the periodic requirement for all financial institutions in the UK and EU to perform 'KYC' checks and withholding access to their services whilst holders provided requested information is pretty much the only tool in their box to ensure they can harvest this information......

 

One reason I am keeping the open is so my UK state pension can be paid into the .

But also, as I spend a bit of time in the UK, it is handy have a sterling anyway.

It is after I to online banking on my computer, it request the information about my income and residency, so I cannot provide a link.

I have been in Spain for some years, so it is not just something that happens for new arrivals.

I know others who reside in the UK, that have had to provide the same information.

So, it looks like they are just doing this verification with all of their holders.

I guess I could choose not complete the online verification and just continue to use the , but I guess they now have an obligation to my details and if I don’t they can then threaten to close the , maybe. If I do the verification then there is a risk that they may not allow overseas s and ask me to close it. Between a rock and a hard place, as they say…

 

HSBC UK allows non residents to have both current and savings s., as set out on their website. I opened a current and a fixed rate deposit with them last summer with no problems, under my Spanish address. I did it in person as i was in the UK but i think it's possible online too...

So if your current UK bank closes your because they don't allow non residents, you have that alternative

 

I have a current and a savings with First Direct (both were in operation before I left the UK in 2006 and I ed the bank to tell them I was moving to Spain, gave them my new address and they confirmed that I would be able to keep the s). This did not change after Brexit. I have a vague memory of being asked for details of my tax residency years ago (which I provided), but have not been asked any further questions more recently and I have no recollection of being asked for details of my income. I have two pensions from former employer schemes paid into my UK current and my state pension is paid into my Spanish . All correspondence and statements from First Direct are sent to my address in Spain. Last year I opened a new offshore savings and had to provide all those details on the application form.

 

I have a vague memory of being asked for details of my tax residency years ago (which I provided), but have not been asked any further questions more recently and I have no recollection of being asked for details of my income. I have two pensions from former employer schemes paid into my UK current and my state pension is paid into my Spanish .

All of which pretty well mirrors my experiences.

Maybe if there were more money ing through my s more info might be demanded, and more frequently, but with just two modest pensions, from in fact the same household name (Legal & General), coming in - and those taxed at source - what's to question?