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UK banks closing accounts for no-residents

UK banks closing accounts for no-residents

Old Aug 14th 2022, 10:30 pm
  #31  
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Default Re: UK banks closing accounts for no-residents

Originally Posted by Barriej
Oh understand.... But what sense does that make???

Why close accounts in one EU country and not them all??
Do the Nationwide have a presence in Spain but not Italy then??

I can understand Barclays because I doubt they are welcome anywhere these days..

Might waste an hour or so tomorrow trying to find out why one country but not another...
In the post-Brexit world, when financial passporting is no longer possible, in order to run banking operations in a particular EU country (including servicing accounts held by customers there), you must have a banking licence with that country. As each country's requirements differ, UK banks have to make a business decision whether it's worth while to apply for licence, given the number of resident customers, amounts involved and profitability. Clearly banks have come to different decisions.
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Old Aug 15th 2022, 6:09 pm
  #32  
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Default Re: UK banks closing accounts for no-residents

Exactly.

I have both Lloyds and NW AC/s and associated credit cards but I'll worry about it/them when I'm given something tangible to worry about.

Until then as far as I'm concerned it's just rumour and speculation.

I already have a Wise AC

NOTE: Passporting ended on Dec 31st 2020 so it's puzzling why they would have waited the best part of 2 years to implement the consequences.

This was published in Sept 2020 and nothing came of it then.

https://www.theolivepress.es/spain-n...n-in-the-dark/

Last edited by Notdunroamin; Aug 15th 2022 at 6:41 pm.
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Old Aug 15th 2022, 7:07 pm
  #33  
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Default Re: UK banks closing accounts for no-residents

Hardly a rumour when I have a letter from Lloyds which states "EU Exit • If you are no longer a UK resident, we may have to close your account or offer a different level of service and have updated our conditions to reflect this. • We've removed reference to the European Online Dispute Resolution Platform to reflect that the UK is no longer part of the EU."
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Old Aug 18th 2022, 10:40 am
  #34  
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Default Re: UK banks closing accounts for no-residents

Just found this:-
What if I move to the EU?
If you move outside the UK in the future, you must let us know. Most customers will be able to continue to hold their UK banking product. For customers living in certain EU countries, however, we will not be able to provide some UK banking products and services after 31st December 2020. We have contacted customers whose accounts or services are impacted by this.
https://www.lloydsbank.com/help-guid...questions.html

No date on their posting - I have always thought ALL web pages should be dated and clearly visible.
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Old Aug 18th 2022, 11:10 am
  #35  
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Default Re: UK banks closing accounts for no-residents

Originally Posted by spainrico
Just found this:-
What if I move to the EU?
If you move outside the UK in the future, you must let us know. Most customers will be able to continue to hold their UK banking product. For customers living in certain EU countries, however, we will not be able to provide some UK banking products and services after 31st December 2020. We have contacted customers whose accounts or services are impacted by this.
https://www.lloydsbank.com/help-guid...questions.html

No date on their posting - I have always thought ALL web pages should be dated and clearly visible.
I don't see how that is relevant. - That clearly was written before Dec 2020 - and quotes "If you live in a EU country, we’ll be in touch directly if there are any changes to the products and services you have with us" and what seems to conform to that is that the messages issued very recently state just that i.e. they have informed me that they are going to be changed from Nov 2022 - including not supporting non residents accounts!

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Old Aug 18th 2022, 1:20 pm
  #36  
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Default Re: UK banks closing accounts for no-residents

Well, I think it is relevant because their statement is still online and I can't see anything that supersedes it.

So has any other Lloyds bank client resident in Spain had any form of recent notification about account closure?

Last edited by spainrico; Aug 18th 2022 at 1:26 pm.
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Old Aug 18th 2022, 2:32 pm
  #37  
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Post Re: UK banks closing accounts for no-residents

Originally Posted by spainrico
Well, I think it is relevant because their statement is still online and I can't see anything that supersedes it.

So has any other Lloyds bank client resident in Spain had any form of recent notification about account closure?
I think you miss my point. That notice from 2020 is still correct - but any notice that has been received by clients since then obviously supersedes it - the facts are all still current and In the 2020 notice they say they will contact people if there is to be any change and that's exactly what they have done!! - i.e. sent me a message warning of an update to their T&Cs which includes the withdrawal of services for non UK residents.
I have tried to upload a copy of the message but cannot seem to be able to do it!

Last edited by Joddle; Aug 18th 2022 at 2:45 pm. Reason: Letter
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Old Aug 19th 2022, 1:08 pm
  #38  
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Default Re: UK banks closing accounts for no-residents

Originally Posted by Notdunroamin
Exactly.

I have both Lloyds and NW AC/s and associated credit cards but I'll worry about it/them when I'm given something tangible to worry about.
Halifax (part of Lloyds) have just announced that non-UK residents will have their accounts closed. Nothing to do with having a UK address but all about not being UK resident.

Had my letter yesterday
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Old Aug 19th 2022, 1:44 pm
  #39  
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Default Re: UK banks closing accounts for no-residents

Anyone that needs or is forced to change and requires a 'High Street' bank HSBC has worked very well for us for many years and no issues with being an expat, although now most of our spending flows into and through Revolut or Wise.
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Old Aug 19th 2022, 6:07 pm
  #40  
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Default Re: UK banks closing accounts for no-residents

https://wise.com/gb/blog/how-to-clos...x-bank-account
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Old Aug 20th 2022, 11:32 am
  #41  
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Default Re: UK banks closing accounts for no-residents

They seem to be taking an extraordinarily long time to find everyone who has an address in the EU. If they can't offer some financial products in some countries due to not having a licence for them, then they've been trading illegally for a year and a half?
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Old Sep 1st 2022, 11:59 am
  #42  
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Default Re: UK banks closing accounts for no-residents

Had this from Standard Life today -

'WISE is a money transfer service to help individuals move and use their money around the world, and although FCA regulated, it is not a bank and is not FSCS protected therefore we are not able to pay your annuity instalments into your WISE account.'

Very disappointed with them and have shared their email with Wise.

Why can I not have my money transferred where I like and take the 'risk' - the Wise account has an ISBN so assume it is accessible to Standard Life.
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Old Sep 1st 2022, 12:18 pm
  #43  
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Default Re: UK banks closing accounts for no-residents

Originally Posted by spainrico
Had this from Standard Life today -

'WISE is a money transfer service to help individuals move and use their money around the world, and although FCA regulated, it is not a bank and is not FSCS protected therefore we are not able to pay your annuity instalments into your WISE account.'

Very disappointed with them and have shared their email with Wise.

Why can I not have my money transferred where I like and take the 'risk' - the Wise account has an ISBN so assume it is accessible to Standard Life.
I got the same from Interactive Investor. Funny but NS&I accepts Wise as a bank.
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Old Sep 1st 2022, 12:24 pm
  #44  
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Default Re: UK banks closing accounts for no-residents

Originally Posted by spainrico
Had this from Standard Life today -

'WISE is a money transfer service to help individuals move and use their money around the world, and although FCA regulated, it is not a bank and is not FSCS protected therefore we are not able to pay your annuity instalments into your WISE account.'

Very disappointed with them and have shared their email with Wise.

Why can I not have my money transferred where I like and take the 'risk' - the Wise account has an ISBN so assume it is accessible to Standard Life.
Thats a very dated description of Wise that they have. Try a Revolut account and see what they say.
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Old Sep 1st 2022, 12:58 pm
  #45  
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Default Re: UK banks closing accounts for no-residents

Originally Posted by spainrico
Had this from Standard Life today -

'WISE is a money transfer service to help individuals move and use their money around the world, and although FCA regulated, it is not a bank and is not FSCS protected therefore we are not able to pay your annuity instalments into your WISE account.'

Very disappointed with them and have shared their email with Wise.

Why can I not have my money transferred where I like and take the 'risk' - the Wise account has an ISBN so assume it is accessible to Standard Life.
If they apply the same reasoning as Transact, the answer I got was due to Wise not being regulated by the Uk finance authority to provide banking/investment etc services in the UK and they don't have the accreditation required for the pension provider to allow you to risk throwing your money away.
I also asked if I could have my pension paid to another Uk account (my sons, if at some point I couldn't hold a Uk account) and was told no due to tax reporting.
But when I die it will be ok for them to transfer the % of the remaining funds to my son and my daughters accounts (my daughter also doesn't have a UK account as she lives in Australia) but that didn't present a problem... Go figure.
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