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

[Uncle D]

It happened several years ago, at the time the account had nothing coming in and nothing going out so was considered a redundant account. I told them I was about to receive a private pension but they were not interested

[Aargent]

We got an email from RBS last October to say that they were changing their Debit Card from Visa to MasterCard. So far we have heard nothing else nor have we received our new cards, I am reluctant to stir the pot and our old Debit cards still seem to work. We have no address in the UK but we do have a reasonable balance in the account. They included al lot of information in the email including

" Brexit and banking
Our current accounts are designed to be used in the UK, so we’re changing our terms to reflect the effect of the UK leaving the EU. "

We just keep quiet and we have regular payment in every month and a few out.

[WHL]

Being a bit thick as usual, but is it such a hardship to have your pensions, paid directly into a Cyprus bank from the UK, or elsewhere in the World?

[fishbeardsunset]

Being a bit thick as usual, but is it such a hardship to have your pensions, paid directly into a Cyprus bank from the UK, or elsewhere in the World?

Hi not a question of being a bit thick, but what you need to consider is that if it is paid directly into a Cyprus account then presumably the conversion from UK pounds to euros will have already taken place at that day's market price...

If the exchange rate is bad then you will get a lousy return... From my own personal experience, I use WISE to transfer money when the exchange rate is favourable to me i.e this week (17/8) it was €1.19019 but since has now fallen again..to €1.17841 In essence, I keep money in my UK account and then transfer into my Cyprus account after reviewing the markets- maybe a bit time consuming but for me every little bit helps

[WHL]

Being a bit thick as usual, but is it such a hardship to have your pensions, paid directly into a Cyprus bank from the UK, or elsewhere in the World?

Hi not a question of being a bit thick, but what you need to consider is that if it is paid directly into a Cyprus account then presumably the conversion from UK pounds to euros will have already taken place at that day's market price...

If the exchange rate is bad then you will get a lousy return... From my own personal experience, I use WISE to transfer money when the exchange rate is favourable to me i.e this week (17/8) it was €1.19019 but since has now fallen again..to €1.17841 In essence, I keep money in my UK account and then transfer into my Cyprus account after reviewing the markets- maybe a bit time consuming but for me every little bit helps

Is it possible to open a sterling account over here, then change into euro when it is favourable

Just checked with my wife, and she tells me we have a sterling account with the BOC, had it for over 30 years, we have 20 odd pound in it but we haven't used it for donkeys years

[trevnhil]

Being a bit thick as usual, but is it such a hardship to have your pensions, paid directly into a Cyprus bank from the UK, or elsewhere in the World?

In answer to the question.. Yes sometimes it is.. There are UK pension companies that will only pay into a UK account .

[daveg]

Revolut now offer a bank account,......use it for sterling in, euros out....

[galexinda]

Being a bit thick as usual, but is it such a hardship to have your pensions, paid directly into a Cyprus bank from the UK, or elsewhere in the World?

In answer to the question.. Yes sometimes it is.. There are UK pension companies that will only pay into a UK account .

In addition, after the 2012–2013 Cypriot financial crisis many people decided to move/keep their funds out of Cyprus.