Planning

Managing your UK finances from overseas

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Useful tips for managing your money wherever you are in the world

Online banking has made it a lot easier to run your UK finances from abroad. No matter where your new base is, you can log on and make payments in the usual way, regardless of time zone.

And now we've added an extra layer of security to protect all our online customers from the risk of fraud, wherever they are. Secure Key is a credit-card sized device that fits easily in your pocket or wallet. You use it every time you log on to internet banking and it generates a random number that you have to enter to access your accounts.

If you are still in the UK and haven't yet got your Secure Key, call 0845 601 3464 and we will send it to you before you go. If you are about to move very shortly or are already overseas, we can courier your Secure Key to your new address free of charge.

No matter where your new base is, you can log on and make payments in the usual way, regardless of time zone

We also recommend that, if you are moving abroad, you call our telephone banking helpline on 0845 740 4404 to let us know you are going, a few weeks before you leave. Or you can notify us by visiting your local HSBC branch or using internet banking.

Transferring money between your accounts

When you're living abroad, it's useful to be able to transfer money quickly between your UK and international accounts. For a charge, HSBC offers a swift and convenient international money transfer service, while Premier customers can make fee-free transfers between their HSBC accounts in
41 countries.

Premier and Advance customers can also benefit from Global View, which allows you to view all your HSBC accounts in one go. This service is offered free to our HSBC Premier customers. For HSBC Advance customers, this service is included in your overall package but there are charges per transfer, which are listed here. For example, you might be living in Hong Kong, but have an HSBC account in Jersey to hold additional savings. You may still own a property in the UK, so keep a UK HSBC account for bills and rental payments if you have tenants. And then you might also have a local HSBC account in Hong Kong for your day-to-day spending. Global View allows you to view all three HSBC accounts in one go, giving you your full financial picture.

Some countries enforce a limit on the value of funds you can bring in, at any one time. You may, therefore, need to leave funds in a deposit account in the UK until they can be transferred over.

Someone else to manage your finances

If you prefer not to use internet banking, or if your financial needs are more complicated, you may want to consider using an 'ordinary power of attorney'. This simply means that you appoint a trusted person to look after your financial affairs for an extended period, for example if you are living or working abroad.

You can give someone power of attorney to deal with all your financial affairs or only certain matters, for example operating a bank account, buying and selling property or changing investments.

There is a standard procedure to follow if you want to grant an ordinary power of attorney. For help and advice, contact a solicitor or your local Citizens Advice Bureau.

Tax implications

You may not be eligible to contribute to any UK Individual Savings Accounts (ISAs) while living abroad, unless you are performing duties as a UK Crown employee working overseas or you are married to, or in civil partnership with, a person who performs such duties. However, you may be eligible to contribute up to the full annual ISA allowance before you go and continue to get the usual tax relief while you're away. Old PEPs and TESSAs will also keep their tax-exempt status while you are resident overseas. If you have other investment products or services, it may not be possible to continue holding these if you are no longer a UK resident. You should check with your provider before leaving the UK.

Expat banking can provide a safe environment to grow your savings and investments, particularly if you are living in a country with political uncertainty. It can also provide tax benefits. Our International Banking team could help you make the most of the available opportunities while you're overseas.

Pensions

You may be able to continue to pay into your UK pension while you're away, or you may choose to invest in a portable plan that can move around the world with you. Speak to your pension provider before you go and to a financial adviser if you need to discuss your options.

Manage exchange rate risk

We offer a range of international personal accounts, which are held in the UK and can be opened in any currency to hold funds until you are ready to exchange them. They can be useful to help you avoid having to change foreign currency into sterling when exchange rates are unfavourable. So, for example, if you sell a property in France but the euro exchange rate isn't good, you could put the funds into your euro account until the exchange rate improves. For existing customers, the accounts can be opened within 24 hours. Have a look at our International Personal Current Account pages for more information.

Another option would be to hold funds in an expat account in addition to an international personal account, which provides potential tax benefits.

However you choose to go about it, HSBC can help you manage your finances easily from overseas.

Calls may be recorded for training purposes

Check if you qualify for advice

If you have £50,000 or more in savings and investments, you may be eligible for HSBC Premier Financial Advice. See the full eligibility criteria.

If you don't qualify for HSBC Premier Financial Advice or if you'd rather not pay for advice, see other ways we can help.

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Need financial advice?

We can help give you expert advice for your individual circumstances.

See how we can help

Need to talk to us?

To discuss options or book an appointment:

0800 032 4710

Our opening hours are Monday to Friday 9am to 6pm (excluding public holidays). Calls may be monitored or recorded.

Everyone's circumstances are different and what applies to one person may not be right for someone else. The suggestions above are based on a general assumption of each circumstance and they are not intended to provide advice or recommendation.