Mustard

Worrying story in The Times:

Tens of thousands of Britons who live in Europe are to be stripped of their UK bank accounts and credit cards within weeks, because the government has failed to negotiate post-Brexit rules.

A number of the biggest British banks, including Lloyds, Barclays and the Queen’s bank, Coutts, have started writing to expatriates to say they will stop serving them when the withdrawal agreement ends at 11pm on December 31.

Without a continuation of crucial pan-European banking rules, known as passporting, it will become illegal for UK banks to provide for British customers in the EU without applying for new banking licences.

Another possible benefit of Brexit!

missile

Damn, Dumb, Dorris

scrubbedexpat077

Project Fear!

bobd22

I think this is simply another unknown. Some banks have always been funny about UK non residents keeping UK accounts when living in EU. I have had a Barclays account for 45+ years when I asked at local UK branch re changing my address to Spain it was a bit like "computer says no". They suggested using relatives addresses etc in the UK? Not really best answer, I did point out that as at the time UK was still in the EU there is in eu legislation the right to hold bank accounts when not resident in other eu countries, went straight over their head. I did manage to change my account address earlier this year by the telephone banking method. Helpful girl who said they may query it but may not. Nothing negative so far. I suppose we will have to wait and see firstly what sort of deal or not is finally done and deal with whatever the bank asks us to do. There will have to be some way of dealing with banking in the UK by non UK residents living outwith the UK, pensions properties rented out etc.

inbarcelona

Just give a relatives address in the UK...problem solved.

bobd22

That is an option yes however that means cards etc have to be forwarded by the relative to you and issues if they then go missing. At the end of the day expats more often than not have a finannicial interest in UK and their new country of residence. So there is a need to be able to legally hold bank accounts in both countries.

Red_Wine_Fairy

We already had our letter from Lloyds a couple of weeks ago to say exactly this. I've had an account with them (initially TSB) for over 35 years. I'm just wondering why the rest of you are speculating - this is happening, and I can't be the only one to have received formal notification from the bank?

bobd22

Possibly because they are unaware and have not been contacted by their actual bank. What options have you been offered to replace your account?

Red_Wine_Fairy

None, Bob. When hubby called them, they kindly offered to send us a cheque when the closed the account. If I walked into my Dutch bank with a cheque, they'd think I'd just arrived in my time machine from the 1800s - they aren't generally used on the mainland and not at all in the Netherlands.

I have however seen an option (a quick google showed there are many posts on Martin Lewis's website) with Ulsterbank who seem to be welcoming EU residents, so we will look into this option.

bobd22

They must have some option for people who rent out properties etc and have to pay UK taxes or other UK tax paying expats? Just another part of the shambolic mess created no doubt.
By the way are we talking current account, savings accounts or all?

Mustard

I can't imagine a bank accepting that. Rememember that the bank would be breaking the law. It's not the bank's fault.

It's going to cause a lot of problems for ex-pats. But never mind, we have taken back control and have a blue passport.

Fredbargate

Is it a UK account or a Sterling account that is needed?

If a Sterling account then a Gibraltar account may suffice.

https://www.gibintbank.gi/

To the best of my knowledge most other banks in Gib are related to UK or other EU banks

bobd22

This was one of the option stated to me by bank staff in the UK? Which adds the stupidity of the situation. You are correct it isn't the banks fault but then neither is it the fault of the customer with savings in the UK bank or a need to carry out financial procedures within the UK those that say have Government pensions paid into UK banks and possibly rent out property in the UK. I will simply wait for an update from my bank and see what happens.

Manclass

I telephoned my bank, First Direct, which is part of HSBC.. I was assured that they will not be closing accounts for expats resident in Spain

snikpoh

I have a letter from Barclays stating that they are closing my UK account plus associated credit cards from 11th November 2020

They state it is because they can NOT give credit to non UK residents anymore.