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British bank accounts for expats

British bank accounts for expats

Old Nov 14th 2020, 8:48 am
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Default Re: British bank accounts for expats

A hypothetical question but I wonder what happens with expats in France having a mortgage with Barclays or another UK bank planning to close accounts for EU residents. I'm sure there must be many who've purchased UK properties on a buy-to-let mortgage. And where the bank (say Barclays) is the letting agency providing property management that would complicate matters fully.
Fwiw we let out our UK property for over 30 years whilst overseas, no mortgage but with Lloyds providing property management during that whole period, and they did a lousy job during the final 5 years.
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Old Nov 14th 2020, 9:21 am
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Default Re: British bank accounts for expats

Originally Posted by KJMW View Post
Being a Lloyds client and having a bank account in the U.K. I am of course interested in this topic. I searched back over the posts ( quickly I might add!)) but could not find any post stating why accounts are being closed by banks. Yes, I know agreements between the E.U. and UK. etc etc but I'm talking about specifics. Are banks only taking this action against seemingly random customers because the accounts they have in some way deal with Europe. My current account in the UK simply receives a pension, pays a few standing orders and I use it to buy things on line. As of yet I haven't received any indication that my account may be closed and I think the reason is I don't use it to deal in anyway with Europe.

I do have a French bank account which also receives a pension and I have moved money to my account in the U.K. and vice versa without a problem. Incidentally that has been going on for over twenty years! I can only assume that accounts are being closed because the individuals are using them to transact some sort of business in Europe and that ordinary account holders such as I have described of myself will not be affected (I hope!)
From all I 've read it simply comes down to the address you have registered with the bank, which should be your primary residence. If your primary residence is in Europe and you haven't given the bank a false primary residence address in the UK, then the bank will have to pay the EU to offer services to EU residents after brexit. Banks with too few European customers are unwilling to pay the fees to be able to offer services in the EU. I suspect quite a few people have continued using a UK address to which they still have some access to keep their UK account open.
In my case I've been told by Nationwide that as it's a building society our account won't be affected I certainly hope that's true.
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Old Nov 14th 2020, 11:33 am
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Default Re: British bank accounts for expats

Originally Posted by Alianco View Post
From all I 've read it simply comes down to the address you have registered with the bank, which should be your primary residence. If your primary residence is in Europe and you haven't given the bank a false primary residence address in the UK, then the bank will have to pay the EU to offer services to EU residents after brexit. Banks with too few European customers are unwilling to pay the fees to be able to offer services in the EU. I suspect quite a few people have continued using a UK address to which they still have some access to keep their UK account open.
In my case I've been told by Nationwide that as it's a building society our account won't be affected I certainly hope that's true.
Then I'm afraid what you have read has misled you. My French home is my primary address and the bank is fully aware of it. I still believe that it is the type of business people do through their banks which could lead to the bank cancelling their account.
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Old Nov 14th 2020, 11:40 am
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Default Re: British bank accounts for expats

Originally Posted by KJMW View Post
Then I'm afraid what you have read has misled you. My French home is my primary address and the bank is fully aware of it. I still believe that it is the type of business people do through their banks which could lead to the bank cancelling their account.
Lloyds bank accounts
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Old Nov 14th 2020, 12:03 pm
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Default Re: British bank accounts for expats

Originally Posted by Alianco View Post
From all I 've read it simply comes down to the address you have registered with the bank, which should be your primary residence. If your primary residence is in Europe and you haven't given the bank a false primary residence address in the UK, then the bank will have to pay the EU to offer services to EU residents after brexit. Banks with too few European customers are unwilling to pay the fees to be able to offer services in the EU. I suspect quite a few people have continued using a UK address to which they still have some access to keep their UK account open.
In my case I've been told by Nationwide that as it's a building society our account won't be affected I certainly hope that's true.
My understanding is the same as Alianco's.
Some UK banks will continue serving customers in the EU and some won't.
Possibly some banks will continue to offer certain services but not other services.
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Old Nov 14th 2020, 2:45 pm
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Default Re: British bank accounts for expats

Originally Posted by EuroTrash View Post
My understanding is the same as Alianco's.
Some UK banks will continue serving customers in the EU and some won't.
Possibly some banks will continue to offer certain services but not other services.
Well if you read from the same source you were mislead too!!!
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Old Nov 14th 2020, 2:47 pm
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Originally Posted by cyrian View Post
The New European!!! Might as well have been the Beano!!
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Old Nov 14th 2020, 2:51 pm
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Default Re: British bank accounts for expats

Originally Posted by KJMW View Post
The New European!!! Might as well have been the Beano!!
Has this thread been moved to the TIO section?
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Old Nov 14th 2020, 3:06 pm
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Default Re: British bank accounts for expats

Originally Posted by KJMW View Post
Well if you read from the same source you were mislead too!!!
I've read about this issue in various places. Including on the EU website, reports of discussions and meetings where it was set out what conditions UK banks would have to meet if they wished to offer services to EU customers after Brexit. As I recall, the UK was invited to complete various questionnaires which, had they all been completed and returned and the EU been satisfied with the details provided, would have given all UK institutions a blanket right to operate. However the UK opted not to return all the questionnaires, hence why it is now up to each institution to fend for itself.
That was the gist of what I took away from what I read.
I tend to go back to the original source rather than take information from newspapers. Having worked in journalism myself I know that all too often journalists end up having to write copy to a short deadline on a subject they don't fully understand.
I don't think the EU is in the business of publishing misleading information.
Here's an article that google threw up just now, I don't think it's one that I read previously, but it may shed light. One paragraph that jumped out at me:
For a number of banking activities, such as deposit-taking and lending, an EU equivalence regime does not exist and continued cross-border provision of services is not possible. Many UK-based banks are in the process of setting up or expanding their presence in the euro area. When their target operating models are achieved, these banks plan to move more than €1,200 billion of assets to their euro area entities.
https://www.ecb.europa.eu/pub/fie/ar...86d168.en.html
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Old Nov 14th 2020, 5:07 pm
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Default Re: British bank accounts for expats

Originally Posted by KJMW View Post
The New European!!! Might as well have been the Beano!!
I quite liked the Beano.
Another more detailed link:
Account closures
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Old Nov 14th 2020, 8:30 pm
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Default Re: British bank accounts for expats

Originally Posted by KJMW View Post
Well if you read from the same source you were mislead too!!!
Please please, reserve your unecessary multiple exclamation marks for the TIO forum.
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Old Nov 15th 2020, 6:37 am
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Default Re: British bank accounts for expats

Originally Posted by cyrian View Post
I quite liked the Beano.
Another more detailed link:
Account closures
Don't forget The Dandy either I always bought the two with my paper round money!! As for the link: It simply regurgitates all that has been said about closures. When I first posted that I hadn't had any problems the first response, by Alianco, was a strong implication that , according to his understanding the only way to not have a problem was to have given a false permanent address. Maybe I'm a little too sensitive but I not particularly fond of being accused of something like that!! It's all very well people becoming self righteous when picked up on a point but perhaps they should think a little more before they say something!!!
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Old Nov 15th 2020, 10:18 am
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Default Re: British bank accounts for expats

Originally Posted by KJMW View Post
Don't forget The Dandy either I always bought the two with my paper round money!! As for the link: It simply regurgitates all that has been said about closures. When I first posted that I hadn't had any problems the first response, by Alianco, was a strong implication that , according to his understanding the only way to not have a problem was to have given a false permanent address. Maybe I'm a little too sensitive but I not particularly fond of being accused of something like that!! It's all very well people becoming self righteous when picked up on a point but perhaps they should think a little more before they say something!!!
Wow, I had no idea that you would take it that way. You were wondering why some banks were going to close accounts after brexit and I responded based on what I'd read, especially on the Which? website that gave a very clear and detailed explanation of the problem and gave responses from the banks, including Lloyds, who they had contacted for information.
The idea of using a UK address to get round the problem has already been discussed on at least one other thread here as a possibility by some members so no, it wasn't a personal accusation of anything and yes, I think you were a bit too sensitive!!!
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Old Nov 16th 2020, 5:53 am
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Default Re: British bank accounts for expats

Originally Posted by Alianco View Post
Wow, I had no idea that you would take it that way. You were wondering why some banks were going to close accounts after brexit and I responded based on what I'd read, especially on the Which? website that gave a very clear and detailed explanation of the problem and gave responses from the banks, including Lloyds, who they had contacted for information.
The idea of using a UK address to get round the problem has already been discussed on at least one other thread here as a possibility by some members so no, it wasn't a personal accusation of anything and yes, I think you were a bit too sensitive!!!
Your point about expats using a UK address when in fact their primary residence is in France was perfectly valid. I know plenty of people who have done that.
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Old Nov 16th 2020, 7:56 am
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Default Re: British bank accounts for expats

If you can use a UK address to get around it, that's great. I have two UK bank accounts (thankfully neither affected at the moment), and in the past 2-3 years or so, both of them were very keen that I prove my residential address (I'd given them my French one years ago) and to provide my French tax identification number. I believe it was something to do with a ring-fencing policy, I'm not entirely sure. I don't know if there would be any ramifications for providing an address in a different country that wasn't your primary residence?
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