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UK Banks and Building Societies

UK Banks and Building Societies

Old Jan 13th 2021, 10:11 pm
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Default UK Banks and Building Societies

I received a letter from my private pension provider, yet to be drawn, mentioning some UK banks will not accept EEA account holders not having a UK address. They stated they had received reports from some of their customers this was happening, meaning the customers couldn't be paid their pensions.
My bank is international so no impact for me.
Seems pretty odd but probably best anyone with a UK bank and living in EEA checks they can still have their pension paid into their UK bank account or building society.
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Old Jan 14th 2021, 4:09 am
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Default Re: UK Banks and Building Societies

Originally Posted by FenTiger
I received a letter from my private pension provider, yet to be drawn, mentioning some UK banks will not accept EEA account holders not having a UK address. They stated they had received reports from some of their customers this was happening, meaning the customers couldn't be paid their pensions.
My bank is international so no impact for me.
Seems pretty odd but probably best anyone with a UK bank and living in EEA checks they can still have their pension paid into their UK bank account or building society.
It's nothing new, in fact it's been in operation for the past 13 years to the best of my knowledge.

As I couldn't transfer my money directly from South Africa to Hungary my DIL and I tried every bank in Falmouth who would open an account. None of them would and in the end I opened a Building Society account instead. For the past 3 years (I think) you can't open a BS account either, but that's something to do with money laundering, although I forget the details.
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Old Jan 14th 2021, 6:01 am
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Default Re: UK Banks and Building Societies

Having had the same problem I finished up with Santander International IOM which is part of the BACS clearing system which means it operates as a High Street bank for money transfers within the UK and I have a sterling debit card from them and I got the account without needing to visit them. Down side there is a minimum account balance to open the account and I haven't yet tested what happens if you drop below this amount however there are no bank charges.
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Old Jan 16th 2021, 2:41 am
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Default Re: UK Banks and Building Societies

I had a letter from Barclays saying they will shut down my account with them by the summer. Just automatically closed.

Not too much of a problem as I didn't really use it. Waiting for anything from RBS as that one I do use...... No contact as yet. As I have a credit card with them too will be interesting to see what they do.
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Old Jan 16th 2021, 6:35 am
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Default Re: UK Banks and Building Societies

Originally Posted by jetsam1
I had a letter from Barclays saying they will shut down my account with them by the summer. Just automatically closed.
I used to have an account with Barclays International Jersey. A about 5 yearsago I got a similar letter with the reason given as they had decided not to do business in Hungary (along with some other countries) and they gave me some months to close my account otherwise they would close the account and put any money in some place of theirs where I would have trouble retrieving it. - nice customer relations !!
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Old Jan 16th 2021, 6:37 am
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Default Re: UK Banks and Building Societies

Originally Posted by Peter_in_Hungary
I used to have an account with Barclays International Jersey. A about 5 yearsago I got a similar letter with the reason given as they had decided not to do business in Hungary (along with some other countries) and they gave me some months to close my account otherwise they would close the account and put any money in some place of theirs where I would have trouble retrieving it. - nice customer relations !!
Indeed. And with an account I have had (with Midland Bank) since I was 14. I am now 38! Great!
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Old Jan 16th 2021, 7:06 am
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Default Re: UK Banks and Building Societies

Originally Posted by FenTiger
I received a letter from my private pension provider, yet to be drawn, mentioning some UK banks will not accept EEA account holders not having a UK address. They stated they had received reports from some of their customers this was happening, meaning the customers couldn't be paid their pensions.
My bank is international so no impact for me.
Seems pretty odd but probably best anyone with a UK bank and living in EEA checks they can still have their pension paid into their UK bank account or building society.
Any chance you could get your pension [paid direct into your Hungarian bank, I did that when I moved to Spain, paid direct into my Spanish account, both my state and NHS pensions, they have to use the best possible rate for transfer.
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Old Jan 16th 2021, 6:34 pm
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Default Re: UK Banks and Building Societies

Originally Posted by mikelincs
Any chance you could get your pension [paid direct into your Hungarian bank, I did that when I moved to Spain, paid direct into my Spanish account, both my state and NHS pensions, they have to use the best possible rate for transfer.
I had both my private and state pension paid directly into my South African bank account. Instead of being paid in monthly you can ask for the pensions to be paid into your account either every three or six months which they will do if that is what you prefer.
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Old Jan 18th 2021, 4:49 am
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Default Re: UK Banks and Building Societies

I have been a loyal Barclays customer for decades and am likewise now told my account will close.
My State Pension is paid directly into my Hungarian OTP account, which is convenient. If you decide to do likewise check that your Winter Fuel payment, if you are entitled to such, also goes to the same account. (it is paid from a different department)
My problem was with 3 small private pension providers who will only pay into a UK account.
I did some research Santandar and HSBC will still accept accounts from people with an EU address, the problem is the complication of opening a new account on line without physically going to the UK.
I chose the much simpler option of opening an account with an online bank, it took less than 10 minutes to set up, and gives me a UK bank account plus a Euro account and a Hungarian account. I can transfer and hold funds in any of the accounts, plus I have a debit card which will automatically take the money from the correct account dependant on which currency I made the purchase in.
They do not pay interest, but the amounts are small and the convenience of doing everything by phone app or pc make it a win for me.
There are a number of Online Banks so if you are interested a little time Googling should give you plenty of info. I am not naming any to avoid any conflict with the moderator.
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Old Jan 18th 2021, 2:11 pm
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Default Re: UK Banks and Building Societies

I'm with HSBC. Been with them since they took over Midland Bank with whom I banked when I first started working. I did check with HSBC years ago if I could still bank with them if I moved here.
I'm surprised about Barclays because they are supposed to be a worldwide banking corporation, no?
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