Hi there, Iām moving to the Falkland Islands in August for a couple of years, and out thereā¦ well, things are a little behind the times when it comes to modern banking.
Their only bank is the Standard Chartered Bank, whom Iāll be required to have an account with because thatās where all wages on the islands go to (Iāll be working locally, more than likely with the Government since thatās where the vast majority of jobs are out there), however, SC bank do not have any online banking, and additionally, you donāt get a debit card until you have been there, and with them for 6 months, additionally, I do have subscriptions I will want to continue to use (Spotify, Disney+ etc) all of which I have connected to my Monzo card, and then there is my Flex account which Iām not using, but paying off.
Is there any issue with me keeping my Monzo account open, so I have a UK based account? Iād use my home address in the UK as the registered address.
Itās also worth noting, that The Falkland Islands are a British Overseas Territory, if that makes any difference.
Your best bet is to find out if ATM and debit card purchases are free (as theyāll be in Ā£GBP Sterling) or if theyāre counted as āoverseasā and then work out of this aligns with Monzoās limits.
Someone else here might be able to confirm if transactions on the Falklands are internal or overseas.
You might find that Revolut or Wise suits you better, as they are designed for longerāterm overseas. There should be no FX on sending money Standard Chartered to a UK bank, but I guess SCB will probably charge fees!
Once in Rev or Wise there wonāt be fees to send on to Monzo for your ongoing card payments.
As you have noted, there are no ATMs there now, so I would make sure I had another UK high street bank account (and credit card) in case you need a cash advance while there.
Not sure how Monzo would deal with a request for something like a cash advance
So, I think youāre not entitled to keeping your Monzo account - as you donāt live in the UK Full Time at that point anymore - once youāve moved to the Falklands.
Monzo may be able to find out youāve moved (location data etc on transactions/phone etc), and therefore close your account.
You could risk it, and some have, but youāre ultimately moving out of the UK, so no longer entitled to the account.
This is the answer I thought may be the case, didnāt want to be the case, but appreciate it may be. Dang. I guess theyāll have to keep my account until my Flex is fully paid off (November) - but after thenā¦ hmmm.
I guess Revolut is going to be my best bet to maintain subscriptions, and for birthday/Christmas money etc, unless any legacy UK banks will let me have an account in the UK that I access from the Falklands.
In-app support article says that if you move abroad permanently you will have to close your account.
But, a couple of years? Iād leave it open. Maybe Monzo will contact you to say they will close it, but you never know. You may still have it when you move back.
If youāre going on detached duty (so a UK public sector worker doing a tour of the Falklands) or youāre a spouse of someone who is, then that typically doesnāt count as having moved.
Similarly, if you maintain a financial presence in the UK (own property, have money paid in here) then I think that also counts in some circumstances.
If youāre selling up and āemigratingā then itās probably a different kettle of fish.
So it depends, but I think youāre probably okay with keeping the account (at least for the first few months whilst you get yourself sorted).
(Iām not Monzo, nor a lawyer, so that might all be completely wrong, but is how I understand it).
I actually canāt set up an account with them until Iām there, but itās more of an issue that I donāt get a debit card until Iāve been with them 6 months, and they have ZERO online banking. So I canāt keep useful subscriptions open with them until I have a debit card.
Sorry to hear about the trouble it seems youre going to have with setting up an account to use in the Falklands, 6 months seems like a long wait!!
Unfortunately if youāre no longer a UK resident you wouldnāt be able to keep your account open with us, we previously allowed customers a workaround for this but this has been updated.
There are some exceptions such as returning to a permanent UK address within 12 months, or working overseas for a UK employer which you intend to return in the future, or finally you spend part of your time in the UK and overseas but still have a permanent address in the UK.
You might not be able to open an account with SC in the Falklands before you are there, but what about an account with SC either in the UK or an offshore one (Channel Islands?)?
There wonāt be any FX as the Falklands use sterling but they arenāt plugged into the UK banking system. I would try Revolut as someone said. They offer most features of a current account in GBP.
) millennial isnāt that sureā¦