Mojacar3

Has anyone else had a notification from Barclays Bank telling them that they have to close their UK account by November , 2022 because they are no longer UK residents as they are residents of Spain? I called Barclays and they told me it pertains to all UK Banks.
Does anyone know of any alternatives without having to convert their pounds to euros...not good time because of exchange rates,

snikpoh

Many banks do NOT insist on this. I use Nationwide, Lloyds, Santander and Halifax. Currently none of them are asking me to close my accounts.

Listen Very Carefully

But many banks are closing EU residents accounts unfortunately. I do not know the source of your income but many expats are now using a Wise multi currency account and of course there are offshore banks in Gib Channel Islands IOM etc

BuckinghamshireBoy

Quite correct, and it's not EU wide, it depends on whether the 'UK' bank has a presence - and a wish to continue that presence - in the EU country in question.

I'm with Lloyds for my UK banking needs, I'm (domiciled in Belgium) allowed to keep my accounts.

Likewise chatting with fellow members of BE domiciled in France, but not good for our friends living in the Netherlands, as Lloyds has closed them out.

It varies from bank to bank, and country to country.

Pulaski

More or less - it depends on whether the British bank obtained, and is willing to maintain, a licence to offer retail banking services in countries in the EU - I believe that the licenses are issued at the country level, not a blanket licence for the whole EU. Therefore the bank risks a fine or other penalty if it continues to offering services in the EU for which it does not hold the required licence, in other words, the bank is closing accounts to protect itself, not to maliciously "punish" customers.

Some people are likely flying under the radar by using an address of a family member in the UK, and avoiding attracting the attention of their bank.

tebo53

Many Expats are using Wise Internet Banking.
they issue you with either a UK IBAN or an EU IBAN and you can move all your direct debits to the Wise account.
Have a look:
www.wise.com

I have been using Wise for 8 years to transfer money from the UK to Spain with no problem.

Steve

bobd22

I had this problem with Barclays 18 months ago having been with them for over 40 years. When I queried it with my local branch in the UK they said just use a family members address in the UK so just lie! I wasn't happy with that plus they would only send cards etc to that address not to Spain anymore. I researched it and found post Brexit we are very limited as to UK banks. I found I could set up a current account with HSBC I could do it all online more or less which is what I did. I could not for some reason though have a basic savings account with them as non UK resident. I resolved that by opening a savings account with NS&I. So that resolved the issue for me. I need a current and savings account not just for pension but as we rent out our uk property to keep a reserve pot of money for maintainence etc. It works for me and all letters cards etc come direct to my Spanish address or by email.

stevesainty

Having read your interesting post, I had a look at HSBC and NS&I. I have few questions for you if I may.
I cannot see any mention of bank charges with HSBC, is this correct?
They ask for proof of address using utility bills, all our utility bills are electronic, are these acceptable?

The criteria for the HSBC savings accounts say you must be resident in either UK or EU, so maybe you could now have a savings account with them.

I was unaware that you could open any account in UK, other than an offshore account, if you were no longer resident, so this is good news.

bobd22

I can't remember what I used as proof of address I think I used a copy of the padron with an explanation, copies of local Spanish water and Basura etc and print out of electricity bill or maybe copy of my driving licence. They also wanted certification signing by 2 people which I got done by a neighbour and also a local notary who signed that my passport matched me. It worked for me and I have been very happy with service they provide, cards etc sent direct to my Spanish address. I haven't to date had any bank charges other than when I use my debit card to pay for things in Spain which is very rare they they do make a charge on that for currency conversion. As for savings then maybe that's changed since, however its easy enough transferring to NS&I from my HSBC current account.

Ronnyone

I agree. HSBC, NSI and Wise

Pulaski

Just bear in mind that Wise is not a bank, and doesn't have a banking licence, and therefore any funds in a Wise account are not covered by deposit insurance. So I would say that Wise is a good option for receiving payments, and for moving money to a bank in another country, but holding much of a balance in a Wise account might not be, er, wise.

stevesainty

Although technically true, it does not mean your deposits are not safeguarded.

https://wise.com/help/articles/29498...y-wise-account

Pulaski

Which neatly sidesteps the question. If wherever the money is kept fails, the fact that it is segregated is irrelevant. If Wise fails your money is still "there", but If wherever the money "is" fails, and Wise is still around, your money is still gone. .... And if the money is in another bank that failed then the money is "gone gone", because deposit protection doesn't protect business accounts.

spainrico

Heard nothing from Lloyds....and hopefully, I won't.

https://www.moneyhelper.org.uk/en/ev...ce?source=mas#

NataHH

PROS and CONS
https://brokerchooser.com/digital-banks/reviews/wise