British bank accounts for expats
#16
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Re: British bank accounts for expats
The thing that confuses me is that we expats are not asking our banks to work in a different jurisdiction for which it has no financial 'passport', we're just asking it to handle our sterling accounts solely for UK transactions. The only difference is the registered address of the account. I always assumed that was about fraud prevention rather than financial jurisdiction. .
From the link I gave, it seems that the issue is basically the same as all the fuss last week about the EU blocking trade between GB and NI - it's not that the EU wants to stop food being transported between GB/NI, or to stop UK banks operating in the EU, it's that the EU is not unreasonably asking the UK for assurances on food standards and financial standards before it gives the green light, and the UK won't provide those assurances. It keeps saying that it's a sovereign nation and it can set whatever rules it likes. And apparently it's so sovereign that doesn't see why it should tell anyone what those rules will be.
#17
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....
Lloyds, one of the country's largest banking groups, told the Sunday Times that 13,000 customers living in the Netherlands, Slovakia, Germany, Ireland, Italy and Portugal will see their current accounts terminated by the end of the year.
#18
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#19
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Re: British bank accounts for expats
For what it's worth I went into my Nationwide today and short answer, no idea, wait for the bank to contact us.
#20
Re: British bank accounts for expats
dmu said that she was with Lloyds, as am I. Neither France nor Belgium are on "the list". One of our members living in the Netherlands (which is on "the list") received notification of closure a couple of weeks ago.
#21
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Re: British bank accounts for expats
This answers my question about EU banks operating in the UK
https://www.theguardian.com/money/20...arclays-brexit
"while the UK has legislated so that EU banks can continue to provide services for customers in Britain, the EU has not done the same."
https://www.theguardian.com/money/20...arclays-brexit
"while the UK has legislated so that EU banks can continue to provide services for customers in Britain, the EU has not done the same."
#22
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Re: British bank accounts for expats
I've just discovered that those of us with a Britline euro account can open a separate sterling account for a minimum of 1000 sterling to open. The downsides are that you don't get a debit card or cheque book and that all dealings between the bank and a UK bank, both ways, incur a fee of 20.85 euro. Far from ideal, but could be necessary, at least until something better comes up. It may well simply be a conveniently packaged service that allows what any french bank would offer ie. accepting or sending money in sterling in exchange for a fee.
#23
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Re: British bank accounts for expats
I just looked up Transferwise as mentioned by EuroTrash. At a glance their rates for transferring money seem much cheaper than Britline.
#24
Re: British bank accounts for expats
I was thinking of using Transferwise if necessary. It's odd because the .com website gets good ratings on Trustpilot but the UK version of the same site gets terrible trustpilot reviews. I'm also considering WorldFirst - they seem to have a good reputation, but it's all quite new to me, so I will have to see.
I'm hoping my UK bank stays open as I have a direct debit set up to pay my NI contributions, so that would cause me a headache trying to find an alternative form of payment each month. My other bank which looks like it will definitely stay open, is just a saver account, so no possibility to set up direct debits.
I'm hoping my UK bank stays open as I have a direct debit set up to pay my NI contributions, so that would cause me a headache trying to find an alternative form of payment each month. My other bank which looks like it will definitely stay open, is just a saver account, so no possibility to set up direct debits.
#25
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Joined: Jun 2015
Location: France
Posts: 860
Re: British bank accounts for expats
I don’t have a Transferwise borderless account but have used them many times to do transfers. They were brilliant.
#26
Re: British bank accounts for expats
I'm sure they're good, but those who use them regularly had complained that they weren't what they used to be, and customer service has significantly declined. I guess they're regulated by the FCA, so they must be pretty trustworthy; I did read about people having funds held up for weeks at a time though - not good if the money is needed in a hurry, but I doubt it happens often.
#27
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Joined: Dec 2016
Posts: 1,013
Re: British bank accounts for expats
So are EU countries going to be treated differently from other countries across. the world?
Surely there must be thousands of people resident in the US, Asia, etc who have kept their UK bank accounts. I’ve heard no mention of these being closed.
Incidentally, I checked last night and when my building society Nationwide talks about “address” they mean the place where you’re resident for tax purposes. I was thinking perhaps I could just give them a UK address for correspondence but it seems that’s not - or no longer - possible.
Surely there must be thousands of people resident in the US, Asia, etc who have kept their UK bank accounts. I’ve heard no mention of these being closed.
Incidentally, I checked last night and when my building society Nationwide talks about “address” they mean the place where you’re resident for tax purposes. I was thinking perhaps I could just give them a UK address for correspondence but it seems that’s not - or no longer - possible.
#28
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Re: British bank accounts for expats
I've had Borderless accounts for years and have had one or two queries along the way (everything from What's happened with this transaction? to Do I need to declare all my accounts separately to the fisc on my tax return, and if so, how do I do it?) and I've always had an extremely prompt, helpful and civil reply from customer services, even when it's turned out I've been asking a daft question. On the last occasion they'd changed the way you contact them and I had trouble finding the details; I told them this in the email and the person apologised and said they would pass my comment on to their website developers. I used to use Transferwise mainly for moving money, but after returning to the UK last year I started using them as my main euro business account, because I was still freelancing from the UK for my French clients and I didn't dare have payments made into my French account in case the fisc thought I was working in France on the black! No problems, and there are advantages such as you get an automatic email each time a payment goes into your acccount, so it saves you having to keep logging on to see if so-and-so has paid yet. I also have a bank card that I can use for online transactions and to withdraw cash.
#29
Re: British bank accounts for expats
Not sure what "the UK version of the same site" means. When I log on, everything comes up in French but I manage all my accounts (£, € and £) from the same place, you don't log in to different sites for your UK account, your French account etc.
I've had Borderless accounts for years and have had one or two queries along the way (everything from What's happened with this transaction? to Do I need to declare all my accounts separately to the fisc on my tax return, and if so, how do I do it?) and I've always had an extremely prompt, helpful and civil reply from customer services, even when it's turned out I've been asking a daft question. On the last occasion they'd changed the way you contact them and I had trouble finding the details; I told them this in the email and the person apologised and said they would pass my comment on to their website developers. I used to use Transferwise mainly for moving money, but after returning to the UK last year I started using them as my main euro business account, because I was still freelancing from the UK for my French clients and I didn't dare have payments made into my French account in case the fisc thought I was working in France on the black! No problems, and there are advantages such as you get an automatic email each time a payment goes into your acccount, so it saves you having to keep logging on to see if so-and-so has paid yet. I also have a bank card that I can use for online transactions and to withdraw cash.
I've had Borderless accounts for years and have had one or two queries along the way (everything from What's happened with this transaction? to Do I need to declare all my accounts separately to the fisc on my tax return, and if so, how do I do it?) and I've always had an extremely prompt, helpful and civil reply from customer services, even when it's turned out I've been asking a daft question. On the last occasion they'd changed the way you contact them and I had trouble finding the details; I told them this in the email and the person apologised and said they would pass my comment on to their website developers. I used to use Transferwise mainly for moving money, but after returning to the UK last year I started using them as my main euro business account, because I was still freelancing from the UK for my French clients and I didn't dare have payments made into my French account in case the fisc thought I was working in France on the black! No problems, and there are advantages such as you get an automatic email each time a payment goes into your acccount, so it saves you having to keep logging on to see if so-and-so has paid yet. I also have a bank card that I can use for online transactions and to withdraw cash.
For my own needs I would only have to transfer a lump sum as a one off really. Actually I'd probably do a small sum first to make sure it went smoothly and then come back to do the rest.
I'm hoping it won't be necessary; guess I'll have to wait and see.
#30
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Re: British bank accounts for expats