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The short answer
Before leaving a country, close credit cards, overdrafts and spare accounts, but keep one current account open until your tax refund, final salary, rental deposit and any benefit arrears have been paid. Pensions and some tax-advantaged savings are normally kept, not closed. In the UK, HMRC pays a P85 refund into a bank account in your name and suggests keeping a UK account for it.
Closing everything the week you fly sounds tidy, but it is the most common way people lose money when they leave a country. Refunds arrive months later, landlords return deposits after inspections, employers pay final wages after the last pay date, and benefit or tax offices pay only into local accounts. This guide sorts accounts into three groups: keep, close, and decide case by case.
Keep open: the account that receives money owed to you
Pick one current account to stay open, ideally the one your salary already goes into. Money that commonly arrives after departure includes:
- Tax refunds. GOV.UK says a P85 refund is paid by payable order to a bank account in your name or a nominee's, that HMRC does not cover currency conversion or overseas bank fees, and suggests keeping a UK account open.
- Final salary and holiday pay, usually on the next normal pay date after you leave.
- Your rental deposit, after the end-of-tenancy check. In England a protected deposit must be returned within 10 days of you and the landlord agreeing the amount, according to GOV.UK.
- Benefit or child benefit arrears and refunds from utilities, insurers or council tax.
- Payments from Canadian or other payers after you become non-resident. The CRA says emigrants must tell their payers and financial institutions they are no longer resident, so the right non-resident tax is withheld.
Before relying on this account, ask the bank directly whether it allows customers with a foreign address. A third-party summary from Wise (August 2026) says, for example, that Barclays generally closes accounts of customers who move abroad after around six months, with exceptions, while HSBC lets you keep an account if you keep using it. Ask for the bank's answer in writing or in the app's secure messages.
Usually keep: pensions and some savings
- Workplace and personal pensions are not bank accounts, and are normally left in place. Update your address, email and beneficiary nomination.
- Tax-advantaged savings such as a TFSA in Canada can be kept as a non-resident, though the CRA says you cannot contribute while non-resident. The country you move to may tax the income differently, so check before you assume the advantage continues.
- Fixed-term deposits close early only if the penalty is worth it; otherwise let them mature into the account you are keeping.
Close before you go
- Credit cards and overdrafts. Pay them to zero, then close. A small balance left behind can turn into missed payments and a default you will discover only when you come back or need a reference.
- Spare current and savings accounts you will not use. Move the balance into the account you are keeping first.
- Buy-now-pay-later and phone contracts. Settle or cancel; a phone contract usually has a notice period.
- Direct debits and standing orders on the account you are keeping, except those you still need (for example, a final utility bill).
Decide case by case
- Joint accounts with a partner or relative staying behind. If you keep one, agree in writing who can withdraw and what happens to the money if either of you dies.
- Brokerage and investment accounts. Some providers restrict non-resident customers; leaving can also trigger tax. In Canada, the CRA treats most property as disposed of at fair market value on emigration, with exclusions such as registered plans and Canadian real estate.
- Accounts you might need on return. If you expect to come back within a couple of years, a long-standing account can be easier to reuse than a new one.
Forgotten money is slow to recover
Accounts left untouched become dormant and, after long periods, are transferred to a state body. The FCAC says federally regulated Canadian banks transfer balances with 10 years of no activity to the Bank of Canada, after notices sent to your last address at 2, 5 and 9 years. Other countries have their own schemes. The money can usually be claimed, but proving identity from abroad years later is slow, so it is better to close accounts you will not use.
Worked example
Example only. Tunde leaves Ireland for the UAE in June. He clears and closes his credit card, closes a savings account after moving its balance, and keeps his main current account. His final salary arrives in July, his deposit in August and a tax refund in October. He closes the current account in November after checking that no direct debits remain.
Where Pryme fits
If you want somewhere to hold pounds, dollars, euros or naira while you move, a Pryme Personal account can be opened from any country, with local account details for GBP, USD and EUR, so a refund or deposit can arrive in its own currency and stay there until you choose to convert with Swap. Outside Nigeria, Pryme's activities are carried out through regulated partners. A statement for your records or for a new landlord can be generated as a verifiable statement (receipts and statements). For Nigerian accounts, see closing a Nigerian bank account from abroad.
What to check first
- List every payment still owed to you and when it should arrive.
- Ask your main bank, in writing, whether it will keep the account open with a foreign address.
- Clear and close credit products before the last month.
- Set a reminder to close the remaining account once everything has landed.
The wider move is covered in moving on to a second country: a money checklist.
Questions people ask
Can I keep my bank account after I leave the country?
It depends on the bank. Some close accounts of customers with a foreign address, others allow it. Ask the bank and get the answer in writing.
Where will my HMRC tax refund go if I have left the UK?
GOV.UK says a P85 refund is paid by payable order to a bank account in your name or a nominee's, and HMRC does not cover overseas bank or conversion fees.
Should I close my credit card before moving abroad?
Usually yes, after paying it to zero. Unpaid balances left behind can become defaults on your record in that country.
What happens to money left in an account I forget about?
It becomes dormant and may eventually pass to a state scheme. In Canada, the FCAC says balances with 10 years of no activity go to the Bank of Canada.
Sources
- GOV.UK: Get your Income Tax right if you're leaving the UK (P85) · accessed Oct 2026
- GOV.UK: Tenancy deposit protection · accessed Oct 2026
- CRA: Leaving Canada (emigrants) · accessed Oct 2026
- FCAC: Unclaimed bank balances · accessed Oct 2026
- Wise: Can you keep your UK bank account abroad? · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.