two tubes of toothpaste

Might be of interest to some.

EC offers glimmer of hope for expats without bank accounts - Telegraph

snikpoh

In contrast, we are starting to hear that UK banks are closing accounts if the expat doesn't have a UK address.

Difficult to know what the real story is.

shazzabob

i use my sons address maybe easier if you got family in uk

missile

If you don't wish to keep your money in Spain(?), open an offshore account.

two tubes of toothpaste

As the article says, some pension funds require a British bank account to pay into. My British bank account with a relatives address was closed because of inactivity and I had to recover the balance via the British Bankers Association.

I have a private pension getting ready to divy-up and will probable need an account in Britain.

I didn't know there would be a problem opening an account from Spain, so this affects me. Does anyone have a successful experience of opening a British bank account recently - especially by internet ?

missile

I only read the post. Didn't read your article, as I do have a UK bank account. I was only trying to help those who might want to move money out of Spain.

The issue has been discussed on this forum. In an effort to reduce money laundering, you do need an address in whichever country to open an account there.

two tubes of toothpaste

Thanks Missile,

Did a search on the subject in BE (nice to see the search button working !) and as you say, opening a non-resident bank account will not be easy until the EU pull their fingers out.

davidinspain

I still have an RBS account and it has had my home (Spanish) address for 15 years.But maybe it's just an oversight.Maybe this is an answer? SEPA Direct Debit for Debtors - TSB Bank

rafikiphoto

When we moved to Spain four years ago First Direct had no problem changing my UK address to my Spanish address.

I do wonder, however, if I ever wanted to change UK banks whilst living abroad if the new bank would accept the account transfer.

missile

You satisfied the money laundering regs by first having a UK address.

guirijohn

I think the problem is the new OECD rule requiring banks to disclose details of overseas customer´s accounts to tax authorities. Banks will not only have to set up costly reporting systems and engage more staff, but they will be fined heavily for getting it wrong. One bank recently informed me that it was withdrawing account facilities and I expect others will also decide it is not worth the risk, except for very wealthy clients.

It is quite likely that the fines will generate more revenue for governments than the additional taxes raised by the exchange of information. In effect it amounts to a tax on banks offering overseas deposits, ultimately paid by you know who.

Tax - OECD