chozzabev

Hi all - I got a letter from Barclays the other day. Shock Horror - They are closing my UK bank account in November as they won't allow accounts for Australian residents anymore.

This is a BIG issue for me because I have direct debits to top up my UK State Pension coming out of this account (7 more years to go since they moved the goalposts!), and when I eventually retire, HMRC states on the website FAQ's that they will ONLY pay the State pension into a UK bank account.

I am assuming it is an issue to open a UK account with an Australian address?? and my elderly mum isn't happy about me putting her address on file (a stickler for the rules, worried about fraud etc).

I go back to the UK for a holiday in July so wondered if anyone could recommend a strategy to get a new UK bank account opened (other than Barclays). Are there some that allow overseas residents to open them up?

Hopefully this Barclays rule isn't becoming UK-wide for banks for (e.g.) money laundering purposes?, .......otherwise we will all be stuffed!!

Please help!

Thanks
Chozza

SanDiegogirl

I get my UK State Pension paid into my Citibank US account.
I understood that one can get one's State pension paid into overseas bank accounts.

rammygirl

UK state pension can be paid direct into an overseas account.

https://www.gov.uk/state-pension-if-you-retire-abroad

chozzabev

ok thanks! Appreciate the info. I still need one to top up my contributions tho.

Pulaski

No, you don't, you can pay with a direct transfer/ wire from your Australian bank, or send HMRC a sterling bank draft (cheque), though that isn't cheap. ... But if you want to use a bank account, Wise offers a "borderless account" which comes with a regular British bank a/c number and sort code, though Wise isn't actually a bank and the account isn't actually a bank account, so I would caution you against holding anything more than small amounts to pay bills in it as money in a Wise account isn't covered by deposit insurance.

chozzabev

Ok thanks - might see if I can find a UK bank which accepts a foreign address to be safe.

rammygirl

Almost impossible to open a new Uk account from overseas now. Some exist in fact Barclays has one but you need substantial funds.

Pulaski

I agree with Rammygirl, above, and if you find a British bank that allows a non-resident to open a new account using a non-UK address, you will be the first person posting on BE to do so since the banks started closing non-resident accounts around 10-12 years ago.

For several years the recommendation was Lloyds Bank in the Isle of Man as the closest thing to a regular High St British bank that would open an account for a non-resident, assuming you could meet the rather large minimum deposit or were willing to pay the monthly charge. Now I hear even Lloyds IOM isn't accepting new customers, at least not without the substantial minimum deposit required.

Wise and it's "borderless account" may be your only option.

chozzabev

Great - thanks very much!

However, my own problem was also SOLVED with some help from this thread, and a bit of research online.

I found that you can open an international bank account with HSBC online from Australia! So, I will do that.

I applied today. Just waiting to hear back from them.

rammygirl

That is good if they have an account with no fees or requiring large deposits (most have some sort of catch!). Please let us know if it all pans out! I’m sure others will want to do the same.

spouse of scouse

It wasn't necessary to post this multiple times, your first post is visible to all users.

Have you called Barclays directly to discuss the issue? I'm also in Australia, and Halifax locked my UK account and advised they were closing it for the same reasons you were told. I called them and they advised me what to do to keep the account, which I successfully did.
You may not get the same advice/result but it's worth a try.

chozzabev

oh i see - sorry i am new to this thread posting stuff.

I am going back to the UK in July so will go into a branch and speak to someone while I am there.

Cheers

chozzabev

ok - will report back. They haven't been in touch yet.

christmasoompa

Pretty sure the HSBC account is the same as the Barclays one, it has a requirement for a very large deposit, or a six figure (£) salary to be paid in to it.

dcw

I've just completed moving my UK stuff to Wise after receiving the same letter. I had 3 small pensions and each has agreed to use the virtual UK account that Wise have provided for me (Sort code & A/C no). Just need to confirm in a month's time that it's all working OK. Really is an excellent facility and I'm glad to make the move away from those toe-rags at Barclays.