British bank accounts for expats
Sep 21st 2020, 7:29 pm
#31
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Re: British bank accounts for expats
If you just want to transfer money, you probably don't need to set up Borderless accounts, I think you can do currency transfers without. But for anyone who thinks they are about to lose their UK bank account, they might want to consider setting up a TW Borderless account to switch over any direct debits etc.
Sep 22nd 2020, 4:41 pm
#32
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Re: British bank accounts for expats
This appeared on UK in Austria:
Latest information for British nationals in Austria with regards to media coverage about some UK banks’ decision to close accounts belonging to EU/EEA residents https://facebook.com/ukinaustria/po
I assume this applies to all countries.
Latest information for British nationals in Austria with regards to media coverage about some UK banks’ decision to close accounts belonging to EU/EEA residents https://facebook.com/ukinaustria/po
I assume this applies to all countries.
Sep 22nd 2020, 4:49 pm
#33
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Re: British bank accounts for expats
Neither has mine (Lloyds), but then my surname is at the end of the alphabet....
If it makes a difference, my current account was converted years ago into an offshore account (on the Isle of Man at the time and now in Andover). Likewise my two daughters' accounts, and they haven't been notified either. They have both been toying with the idea of closing their accounts and transferring their money where it's more useful, so it wouldn't bother them if Lloyds does close them. And in fact I only use mine when I go to the UK, once a year and not at all this year, and I can always use my French CB.
But I can understand all the future administrative issues for expats whose income is paid into a UK account....
If it makes a difference, my current account was converted years ago into an offshore account (on the Isle of Man at the time and now in Andover). Likewise my two daughters' accounts, and they haven't been notified either. They have both been toying with the idea of closing their accounts and transferring their money where it's more useful, so it wouldn't bother them if Lloyds does close them. And in fact I only use mine when I go to the UK, once a year and not at all this year, and I can always use my French CB.
But I can understand all the future administrative issues for expats whose income is paid into a UK account....
Sep 22nd 2020, 4:52 pm
#34
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Re: British bank accounts for expats
If you just want to transfer money, you probably don't need to set up Borderless accounts, I think you can do currency transfers without. But for anyone who thinks they are about to lose their UK bank account, they might want to consider setting up a TW Borderless account to switch over any direct debits etc.
Citibank moved to Dublin last year so I'm hoping they keep sterling accounts. They have the option of EU,GBP and USD accounts. Might be an option for some people.
Last edited by mrken30; Sep 22nd 2020 at 4:54 pm.
Sep 23rd 2020, 9:09 am
#35
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Re: British bank accounts for expats
Sep 23rd 2020, 11:18 am
#36
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Re: British bank accounts for expats
I wrote to Nationwide on 15th September through my account and didn't notice that they had replied. They said they were unaware of the situation. That's a bit worrying in itself.
Sep 23rd 2020, 11:48 am
#37
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Re: British bank accounts for expats
Sep 23rd 2020, 12:02 pm
#38
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Re: British bank accounts for expats
Well that's just it, isn't it. Everybody is unaware of what the situation will be come Dec 31st because HMG is still playing silly buggers. UK banks don't know if they'll be able to operate in the UK without a licence, UK truckers don't know if they'll be able to operate in the UK without a licence or whether they'll be able to get one if they need one, how is anyone supposed to prepare when they don't know what they're preparing for. But the government seems determined to hold out until the last minute because it thinks brinksmanship is clever, so what can you do.
Macron promised French fishermen that they would not lose out after Brexit and has instructed Barnier accordingly.
The EU won't move forward unless the UK agrees to follow EU fisheries policy and EU state subsidy rules - even although France and Germany subsidise their respective industries more than the UK.
It is unfair to criticise one lot of Bas****s over the other.
In the meantime we are stuck in the middle.
Sep 23rd 2020, 12:34 pm
#39
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Re: British bank accounts for expats
Off topic, the following link gives a lot of heretofore unknown info about the IoM!
https://en.wikipedia.org/wiki/Isle_of_Man
Sep 23rd 2020, 1:24 pm
#40
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Re: British bank accounts for expats
Yes point taken.
But ffishing, I haven't kept up with the negotiations on that, in fact I don't think they have all been made public, there have been various proposals and counter proposals but this is a fairly recent development https://www.reuters.com/article/us-b...-idUSKBN26632H and the situation does to be slowly evolving. It's not just French interests at stake, it's also the Netherlands, so I think it's a bit of an oversimplification to say "Macron has instructed Barnier".. But, fishing is just one small area of trade - fishermen, fish processers, the fish supply chain and people who like to eat fish.
As for state subsidy rules, I thought the problem was not so much that the EU insists on the UK following EU rules, but it wants to know what the UK's policy on state subsidies is going to be, so that it can decide whether or not that policy is acceptable to the EU. But the UK is refusing to commit itself.
But as you say we are stuck in the middle and the effects of not reaching an agreement on financial passporting and the movement of goods risk bringing wide disruption, not just to the transport sector and the banking sector.
But ffishing, I haven't kept up with the negotiations on that, in fact I don't think they have all been made public, there have been various proposals and counter proposals but this is a fairly recent development https://www.reuters.com/article/us-b...-idUSKBN26632H and the situation does to be slowly evolving. It's not just French interests at stake, it's also the Netherlands, so I think it's a bit of an oversimplification to say "Macron has instructed Barnier".. But, fishing is just one small area of trade - fishermen, fish processers, the fish supply chain and people who like to eat fish.
As for state subsidy rules, I thought the problem was not so much that the EU insists on the UK following EU rules, but it wants to know what the UK's policy on state subsidies is going to be, so that it can decide whether or not that policy is acceptable to the EU. But the UK is refusing to commit itself.
But as you say we are stuck in the middle and the effects of not reaching an agreement on financial passporting and the movement of goods risk bringing wide disruption, not just to the transport sector and the banking sector.
Sep 23rd 2020, 1:27 pm
#41
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Re: British bank accounts for expats
To be fair the EU is doing exactly the same thing.
Macron promised French fishermen that they would not lose out after Brexit and has instructed Barnier accordingly.
The EU won't move forward unless the UK agrees to follow EU fisheries policy and EU state subsidy rules - even although France and Germany subsidise their respective industries more than the UK.
It is unfair to criticise one lot of Bas****s over the other.
In the meantime we are stuck in the middle.
Macron promised French fishermen that they would not lose out after Brexit and has instructed Barnier accordingly.
The EU won't move forward unless the UK agrees to follow EU fisheries policy and EU state subsidy rules - even although France and Germany subsidise their respective industries more than the UK.
It is unfair to criticise one lot of Bas****s over the other.
In the meantime we are stuck in the middle.
As an EU member state, the British government took little advantage of flexibilities: in 2018, the UK spent 0.38% of GDP on state aid, compared with 0.79% in France, 1.45% in Germany and 1.55% in Denmark.
I suppose this could be interpreted as either:
a) Through its belief in the free market the government has not used the opportunities allowed within the EU. Or...
b) The EU has favored France and Germany (and Denmark, who would have thought?) over UK in awarding state aid exemptions.
We've probably all got opinions on this and I've found contradictory arguments in favor of both interpretations. Of course, Macron pressing Barnier on French fishermen's rights in UK waters is another matter. That's simply a strong negotiating body negotiating with a weak negotiating body.
I certainly agree with cyrian that whatever the arguments we're caught in the middle.
Sep 23rd 2020, 1:45 pm
#42
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Re: British bank accounts for expats
I have also read that it's illogical for the UK to be making an issue out of state aid because EU constraints have not hampered it so far.
What seems extra daft is that I have also read that the UK Japan trade deal the UK has just signed, apparently the UK has accepted, sets state aid conditions that are similar to EU limits (some sources say they are actually more limiting). So you'd think that if the UK has already committed to those restrictions for Japan, it could call that its official policy and tell the EU what its policy is.
But I've got to the point that I take everything I read with a pinch of salt.
What seems extra daft is that I have also read that the UK Japan trade deal the UK has just signed, apparently the UK has accepted, sets state aid conditions that are similar to EU limits (some sources say they are actually more limiting). So you'd think that if the UK has already committed to those restrictions for Japan, it could call that its official policy and tell the EU what its policy is.
But I've got to the point that I take everything I read with a pinch of salt.
Sep 24th 2020, 6:19 am
#44
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Posts: 861
Re: British bank accounts for expats
Morning all
To return to the subject, has anyone investigated the possibility of opening a sterling account with their French bank?
From what I can gather, my bank, for example, the Société Générale, offers accounts in a range of currencies, including sterling.
I haven’t made any inquiries yet with my branch and among the points I would need to check are frais de gestion/tenue de compte, frais d’émission et de réception. I’m assuming the exchange rate would not be great so I’m wondering whether it would be possible to, say, use Transferwise to convert euros from my existing SG euro account into sterling and then transfer that sterling to the new SG sterling account. Or a sterling account with a different French bank.
I’ve used Transferwise very successfully to do transfers but I don’t have a Transferwise borderless account and would be very nervous about holding very large sterling sums there if they’re not covered by the Financial Services Compensation Scheme. I’m hoping to buy a house in England in the next few years and was planning to gradually build up a large amount of savings in sterling, doing transfers on those days when the exchange rate is particularly favorable.
To return to the subject, has anyone investigated the possibility of opening a sterling account with their French bank?
From what I can gather, my bank, for example, the Société Générale, offers accounts in a range of currencies, including sterling.
I haven’t made any inquiries yet with my branch and among the points I would need to check are frais de gestion/tenue de compte, frais d’émission et de réception. I’m assuming the exchange rate would not be great so I’m wondering whether it would be possible to, say, use Transferwise to convert euros from my existing SG euro account into sterling and then transfer that sterling to the new SG sterling account. Or a sterling account with a different French bank.
I’ve used Transferwise very successfully to do transfers but I don’t have a Transferwise borderless account and would be very nervous about holding very large sterling sums there if they’re not covered by the Financial Services Compensation Scheme. I’m hoping to buy a house in England in the next few years and was planning to gradually build up a large amount of savings in sterling, doing transfers on those days when the exchange rate is particularly favorable.
Sep 24th 2020, 8:03 am
#45
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Posts: 861
Re: British bank accounts for expats
Incidentally, I just discovered that - at least up until now - Ulsterbank has been welcoming new customers who are not UK resident. I’m Northern Irish and can’t believe I didn’t know this.