UK banks closing expat's accounts UK banks closing expat's accounts
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  1. #1

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    Default UK banks closing expat's accounts

    From the Sunday Times: Tens of thousands of Britons who live in the EU are to be stripped of their UK bank accounts and credit cards within weeks, because the government has failed to negotiate post-Brexit rules.

    One poor expat, a company boss, said:

    ...he faced a serious headache after the termination of his account, which he said contained “a considerable sum”, because he mostly lives in his Portuguese villa. In the UK, he receives a state pension, annuities and dividend income and pays all the usual bills, from insurance to utilities.

    Hmm. Wonder who that could be.
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  2. #2

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    Quote Originally Posted by NotAllThere View Post
    From the Sunday Times: Tens of thousands of Britons who live in the EU are to be stripped of their UK bank accounts and credit cards within weeks, because the government has failed to negotiate post-Brexit rules.

    One poor expat, a company boss, said:

    ...he faced a serious headache after the termination of his account, which he said contained “a considerable sum”, because he mostly lives in his Portuguese villa. In the UK, he receives a state pension, annuities and dividend income and pays all the usual bills, from insurance to utilities.

    Hmm. Wonder who that could be.
    The UK is no longer a member of the EU. The transition period does not guarantee benefits of EU membership and often matters are left for individual EU countries to decide what to implement or not. There has been much misinformation and guesswork give as advise in the press and other media.
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  3. #3

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    Would this include building societies?
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

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    Quote Originally Posted by scooterscot View Post
    Would this include building societies?
    I thought you had a UK address - just use that if you're worried. Or you could just get a German account, assuming you don't already have one. HSBC, Santander and Natwest are not (currently) planning to close accounts, so it's not universal, and probably based on the amount of money they make (or don't) on expat accounts.
    His heart is in the right place - shame we can't say the same about his brain...

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    Quote Originally Posted by Mordac View Post
    I thought you had a UK address - just use that if you're worried. Or you could just get a German account, assuming you don't already have one. HSBC, Santander and Natwest are not (currently) planning to close accounts, so it's not universal, and probably based on the amount of money they make (or don't) on expat accounts.
    Different banks have had different policies for years. When I left the UK, I had to close my Smile account, which wasn't a problem. My wife (who isn't British) still has her HSBC account with a few quid in.
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    Sold our UK address last year. Use the account for funding the mums.

    Sure we can still send somehow
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

  7. #7

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    Quote Originally Posted by scooterscot View Post
    Sold our UK address last year. Use the account for funding the mums.

    Sure we can still send somehow
    Transferwise, for example.

  8. #8

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    Quote Originally Posted by jamesbrown View Post
    Transferwise, for example.
    No protection on TW if the underlying bank (which depends on which address you use) goes bust. They're not a member of any FP schemes.

  9. #9

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    Quote Originally Posted by zerosum View Post
    No protection on TW if the underlying bank (which depends on which address you use) goes bust. They're not a member of any FP schemes.
    Sure, but why would you hold money with them? It's a transfer service, not a bank account. I was responding to scootie's post about transferring money.

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    Quote Originally Posted by jamesbrown View Post
    Sure, but why would you hold money with them? It's a transfer service, not a bank account. I was responding to scootie's post about transferring money.
    They do have e.g. a borderless (business and personal) account for dealing with money in other currencies so TransferWise has outgrown their name, really.

    It may also be the only option in the short term if you're caught by a UK bank closing and haven't built up sufficient proofs to open an account in the country you're moving to, or don't trust the local banking system (Cyprus )

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