UK Bank Acccounts
#91
Re: UK Bank Acccounts
The UK is currently still operating as if it were in the EU but has not yet fully implemented some of the newer EU regulations which is neither unusual or illlegal , Italy is often a bit behind on EU legislation , once the UK is able to operate outside EU rules and regulations then they will be able to do away with a whole lot of '' red tape '' and that will certainly mean lower standards . There is also the issue that the EU wants to tighten up rules on financial paradises many of which are ex uk colonies and much loved by hedge funds for putting large sums out of reach of reporting and tax . The UK has already confirmed that EU banks wishing to provide services in the UK will be able to maintain their current status but this is only because a huge number of EU banks already had branches in the UK but also because the City really didn't want to see any of them packing up and taking their jobs and money elsewhere . In order to survive outside the EU the only option for the financial sector will be to lower standards and sell it to the public as freedom while reducing their rights and protection while letting the tax shy super rich get on with their lives . When it comes to paying for the economic damage done by Covid will it be people with their money in the Caymans or people with their wages / savings in the UK ?
#92
BE Enthusiast
Joined: Jul 2011
Posts: 337
Re: UK Bank Acccounts
Does anyone know the answer to the question "Can a non resident have a bank account with a British bank?"
#93
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Joined: Dec 2009
Posts: 474
Re: UK Bank Acccounts
If you mean "Can a non resident have a bank account with a British bank AT THIS MOMENT?" the answer is YES, I do (legally) and I'm sure most others here do as well.
If you mean "Will a non resident be able to have a bank account with a British bank AFTER 1 JAN 2021?" the answer is NOBODY KNOWS - and won't until a deal or non-deal is defined.
If you mean "Can a non resident OPEN a bank account with a British bank AT THIS MOMENT?" the answer is MAYBE - it's not illegal and most banks don't allow it, but there may be some that do.
#94
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Joined: Jul 2011
Posts: 337
Re: UK Bank Acccounts
Thanks, Serrano. You agree with with what I thought was the situation (otherwise how would Briatore, Rossi, Putin have UK accounts).
I don't see that UK legal position changing on 1Jan, BTW.
I don't see that UK legal position changing on 1Jan, BTW.
#95
Re: UK Bank Acccounts
If by the term ' non resident ' you mean not resident in the UK ? then you can have your account now , after the 31 / 12 / 20 it will depend on your bank and the deal and the same applies to opening an account . I doubt if Putin is classed as a EU Citizen but if the other two accounts as EU citizens before it became an issue whats the issue ? Rossi was for some time a UK resident which did not work out well for him tax wise .
After the 1 st January then opening a UK account will be different and even if its a UK bank account you may well find its beining managed though an EU branch and subject to different conditions . Also given the general level of confusion and lack of information its probably best to have a back up solution in Italy
After the 1 st January then opening a UK account will be different and even if its a UK bank account you may well find its beining managed though an EU branch and subject to different conditions . Also given the general level of confusion and lack of information its probably best to have a back up solution in Italy
#97
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Joined: Jul 2011
Posts: 337
Re: UK Bank Acccounts
Not strictly in line with the opening theme of this thread, but ...
Today I made my first transfer, €1000 from Lloyds to Unicredit, of 2021. Unicredit have logged €985,50. This is the first time in 20 years that the (Italian) receiving bank seem to have charged a commission. Is anyone aware of changed practices post 1/1/21, please?
Today I made my first transfer, €1000 from Lloyds to Unicredit, of 2021. Unicredit have logged €985,50. This is the first time in 20 years that the (Italian) receiving bank seem to have charged a commission. Is anyone aware of changed practices post 1/1/21, please?
#98
BE Forum Addict
Joined: Oct 2016
Location: Ex Teramo, Abruzzo
Posts: 1,216
Re: UK Bank Acccounts
Some kind of bollo? Is it a SEPA transfer/payment?
#100
Re: UK Bank Acccounts
Not strictly in line with the opening theme of this thread, but ...
Today I made my first transfer, €1000 from Lloyds to Unicredit, of 2021. Unicredit have logged €985,50. This is the first time in 20 years that the (Italian) receiving bank seem to have charged a commission. Is anyone aware of changed practices post 1/1/21, please?
Today I made my first transfer, €1000 from Lloyds to Unicredit, of 2021. Unicredit have logged €985,50. This is the first time in 20 years that the (Italian) receiving bank seem to have charged a commission. Is anyone aware of changed practices post 1/1/21, please?
I sent some money to from the UK to Fineco. They said they couldnt accept the money. Deducted 3% and sent it back.
#101
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Joined: Dec 2009
Posts: 474
Re: UK Bank Acccounts
Thanks for the reply. However I asked, because you said you had applied to HSBC and had sent proof of ID in a diifferent form than that they were asking for. I was primarily interested to know whether you were accepted by them ...
#102
BE Enthusiast
Joined: Jul 2011
Posts: 337
Re: UK Bank Acccounts
I'll visit the branch tomorrow - if I get an appointment.
#103
Re: UK Bank Acccounts
#104
BE Enthusiast
Joined: Dec 2009
Posts: 474
Re: UK Bank Acccounts
OK, thanks anyway. For what it's worth they are still saying on their website that they will open accounts for residents of the UK or the EU. Whether they will actually do it or not remains to be seen.
#105
Re: UK Bank Acccounts
They accepted my application but there is quite a bit of cost opening the account.