Ex-pat UK Banks to shut Brit accounts due to EU red tape

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Dominic
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by Dominic »

The Express Newspaper is terrible these days. A few decades ago it was an interesting read, with the likes of Peter Tory providing some interesting angles on the headlines. But since Richard Desmond took over in 2000, it went to shit.
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PhotoLady
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by PhotoLady »

We were lucky in one respect in that the sale of our house in UK wasn't due to complete until some weeks after we arrived in Cyprus in 2004, so it stayed open.

Our solicitor did all what was necessary and we transferred most of the funds to our Cypriot bank later in the year.

The UK account stayed open throughout the 12yrs we lived in Cyprus and we transferred some funds back to it about 8 months before we physically moved back.

Two close friends who moved back 2 or 3yrs later had closed their account in UK and struggled to open an account for a number of months. Their son had an even longer struggle for many more months.
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Fionaken
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by Fionaken »

I wondered why I couldn't register my new UK bank card with PayPal. The previous one worked fine. I'll stop trying!
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by darrow »

We had our TSB account closed over 2 years ago.
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by fishbeardsunset »

PhotoLady wrote: Mon Aug 15, 2022 12:35 am Given that most banks are now using a two step verification process either to login to an online bank account, make payments or any kind of transaction where a 6 digit code is sent to your registered mobile number and that must be used within a very short timeframe, anyone overseas who no longer has a UK registered mobile number is eventually going to be rumbled.

I get texts from PayPal, eBay and both payment cards I use multiple times a day. It's extremely infuriating but there's no way around it.
:? Not sure that is entirely true- I have had a "Cyprus" mobile phone with a Prime-Tel sim card linked to a U.K. bank for the last 6 years and have had no problems whatsoever as they send through their notifications to that phone all the time including making payments into my Cyprus bank account
What is your meaning/definition of overseas then :roll: ?
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by PhotoLady »

fbss

I will let you read from the beginning of the whole thread and I reckon you will eventually work it out for yourself...
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by fishbeardsunset »

PhotoLady wrote: Wed Aug 17, 2022 1:17 am fbss

I will let you read from the beginning of the whole thread and I reckon you will eventually work it out for yourself...


??? Done that thanks....It's this part that does not make sense to me- sorry, but please can you just clarify exactly what you mean by:
"anyone overseas who no longer has a UK registered mobile number is eventually going to be rumbled."

Thank you :roll:
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by trevnhil »

We have an account in the UK. In 2006 we moved to Cyprus and registered our New Cyprus Address with them, and also the email and Cyprus phone number. Never had any problems.
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by PhotoLady »

We did too Trev.

As I said earlier, friends who returned to UK at the end of 2018 really had to jump through hoops to open a new UK account. It took over 12 months.

Things have changed since Brexit, it's all to do with licences regarding financial services inside the EU.

There's an article which explains why it's happening here:
https://lifestylegroup.es/uk-banks-clos ... its-spain/

If your bank is licensed, nothing should change - if not, then they either have to be approved for a license or they will eventually have to close the accounts for those EU residents.
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by souniman »

PhotoLady wrote: Wed Aug 17, 2022 11:14 am We did too Trev.

As I said earlier, friends who returned to UK at the end of 2018 really had to jump through hoops to open a new UK account. It took over 12 months.

Things have changed since Brexit, it's all to do with licences regarding financial services inside the EU.

There's an article which explains why it's happening here:
https://lifestylegroup.es/uk-banks-clos ... its-spain/

If your bank is licensed, nothing should change - if not, then they either have to be approved for a license or they will eventually have to close the accounts for those EU residents.
The link you have posted is 2 years old so not up to date information
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by galexinda »

fishbeardsunset wrote: Wed Aug 17, 2022 9:07 am
PhotoLady wrote: Wed Aug 17, 2022 1:17 am fbss

I will let you read from the beginning of the whole thread and I reckon you will eventually work it out for yourself...


??? Done that thanks....It's this part that does not make sense to me- sorry, but please can you just clarify exactly what you mean by:
"anyone overseas who no longer has a UK registered mobile number is eventually going to be rumbled."

Thank you :roll:
Pleased that someone else spotted this - hence my comment that my UK bank has been accepting a Cyprus mobile number for some time already.
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by PhotoLady »

Look, if you don't wish to believe it or you cannot be bothered to look for the information, it's no skin off my nose.

But only at the beginning of this month an article has gone out that expats in France are the latest round of people to have been notified their accounts will be closed.

Some new articles are behind paywalls but the reasons are as stated in the older one I already posted.
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by JimX »

The bank account I have used for twenty odd years is Lloyds, I recently asked the question that my account will be closed they said certainly not!, of course this is a long standing UK account but you never know it could happen, question is what happens if or when it does? what do you do....
Last edited by JimX on Fri Aug 19, 2022 6:44 am, edited 1 time in total.
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by Kili01 »

Jim,
One possibility is to try NatWest who also have an International Banking arm. They have branches in both Jersey and Guernsey, Channel Islands. The Channel Islands have separate and independent banking regulations. This also applies to bank branches in the Isle of Man.
I'm surprised that no one has mentioned the above. Try Mr Google for info.
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by JimX »

Thank you Dee but I only need to know this IF Lloyds close accounts, they say they will not be doing this.
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by kansas »

Best to double check on I O Mans banking regulations. Nationwide closed our account there.
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by Kili01 »

Brexit the gift which keeps on giving...but it helps if one maintains some links with the UK if you wish to keep your UK bank account.

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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by galexinda »

Thank you - perhaps a good idea for people to have plans in place just in case their UK bank does decide to go ahead and close their account.
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Re: Ex-pat UK Banks to shut Brit accounts due to EU red tape

Post by Uncle D »

When NAT west closed my account they transferred the funds to my Cyprus account, I then had to notify my pension provider of my new details
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