UK banks closing accounts for expats ?

[Emmi Smith]

Any thoughts on this? Some residents maintain a UK home and have business interests there, so how would that work?

https://londonlovesbusiness.com/brexit-b...7lhqTV4qgc

[classic]

As I understand, this only applies if you no longer have an address in the Uk.
 I'm trying to find out more details, as some Private pensions will only pay into a UK account. 
Will update when I can add anything factual / useful.

[beachlife]

Just give your UK bank account the address of a relative or friend who is in the UK (making sure you trust them!) if you have no house in the UK. If you have a UK house still in the UK then you will be ok just continue to bank online. The reason is that your UK bank account has to be linked to a UK address.

I would suggest you get a FairFX (Equals) other prepaid cards are available which allow you to pay in euros for things you pay in shops & restaurants etc. I would suggest you don`t use the cards to withdraw cash from ATM`s as most them charge for each withdrawal now in Fuerteventura.

Transfer funds to your euro bank account as & when you want using a currency transfer company  or the prepaid card as they give better rates than your UK bank usually so that you can put funds in for standing orders for utilities & for withdrawing cash from your Spanish bank (at no cost for withdrawing).

[Sam]

Just give your UK bank account the address of a relative or friend who is in the UK (making sure you trust them!) if you have no house in the UK...

People forced by the system to use addresses of their relatives or friends... it won't end up badly at all. /s

What's about using some kind of mail forwarding service?

Here's a few I found after a quick search:

https://www.ukpostbox.com/
https://www.expost.uk/
https://bpm-lux.com/en/home.html
https://payasyougopost.com/
https://www.myukmailbox.com/


I have personally never used any of them nor other forwarding company, except RoyalMail redirection which I'm not sure would work in this case at all. Would banks except an address of any of aforementioned companies?

[beachlife]

I think that this will be a short term problem.

Either EU & UK will agree passporting rights to banks (don`t forget a lot of EU citizens will not be happy either about as they will have bank accounts in their home countries).

Or the UK banks will setup physical properties in an EU country to legally circumvent the need to wait until passporting rights are agreed.

As Santander is a Spanish bank it would be interesting to know if the UK Santander bank can piggy back Santander Spains license. Although I do know restrictions were put on UK santander funds to ring fenced them from Santander Spain.

It is a pity that both Barclays & Halifax withdrew from the Spanish Banking sector a number of years ago. I imagine they would have been flooded with new accounts being opened in the next 3 months.

[Tardis]

I was always under the impression for many years that if you are not UK resident, you can't open/operate a UK bank account and that you need to open one offshore - Jersey, Isle of Man and Guernsey.

[classic]

I've attached (I hope) the relevant part of an email from Barclays today, in response to my query re closing some Uk accounts.
Below is the bit I was directed to on their web site.


If you’re based outside of the UK, you can check and/or update your address by calling us
Personal: +44 (0)247 684 2099
Premier: +44 (0)161 869 8012
If you’re in the UK, you can call us or visit a branch.
You need to let us know if

• You’re a Crown employee (for example, you work in the Armed Forces or you’re a civil servant), or if you’re the spouse/civil partner of a Crown employee
  

Or

• The overseas address on your account is for someone who manages your account on your behalf (for example, someone who has power of attorney) or for someone who is set up to receive information on your behalf (for example, an accountant or lawyer)
  

[Perrypower1]

https://www.bbc.co.uk/news/business-54240777

[Sam]

Thanks for the link Perry. There's some good news for Santander and HSBC clients:

However, HSBC and Santander say they have no plans to close British expat accounts in the EU.

[TamaraEnLaPlaya]

Today's updated info on Gov.UK - Living in Europe:

Banking and financial services
Most people living in Europe should not see any change to their Banking when the transition period ends (31 December 2020). Whether UK banks can service customers living in an EEA country is a matter of local law and regulation. Also banks are set up differently, and may have taken different actions to continue to serve their customers.
Your bank or finance provider should contact you if they need to make any changes to your product or the way they provide it. If you have any concerns about whether you might be affected, contact your provider or seek independent financial advice.

Not a lot of help to be honest!