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

[kansas]

https://www.express.co.uk/news/uk/16546 ... ing-crisis

Has anyone been told that they cannot keep their UK accounts? We have an account with Halifax and have no problems yet but their recent circular does mention that they may close accounts.

[WHL]

https://www.express.co.uk/news/uk/16546 ... ing-crisis

Has anyone been told that they cannot keep their UK accounts? We have an account with Halifax and have no problems yet but their recent circular does mention that they may close accounts.

I was under the impression that UK banks were doing this for some time now, im not sure if it is to do with EU red tape as you put it, or more to do with Brexit?

[PhotoLady]

I believe this was beginning whilst we were still in Cyprus back in 2016.

[kansas]

WHL the EU red tape is mentioned in the article, not by us.

[kansas]

WHL the EU red tape is mentioned in the article, not by us.

[Poppy]

When we moved to Cyprus in 2007 we thought it would be permanent and had sold up lock stock and barrel in the UK and closed our UK Bank Accounts. It was never a problem, we opened accounts with Bank of Cyprus and another one which I just forget, we had our pensions, both work pensions and Reirement pensions paid into our cypriot Banks and never had a problem until we moved back to the UK 10 years later and found it very difficult to open an account. We were lucky at the time that the Bank of Cyprus allowed us to open a BOC UK account which tided us over until we had the necessary paperwork to open a UK account - but I believe that this is no longer an option?

[Kili01]

Well, I'm with Nat West, been with them for many years. No mention as far as I'm aware that there is a problem with British expats bank accounts.
It seems that some British branches of banks such as Lloyd's and HKSBC are closing some of their branches in the UK.
Banks may decide to close a bank account with them if its seen to be dormant with no transactions over a long period.

Dee

[staffie]

been with barclays over 40 years, account being closed next month, (couldn't give a toss) with transactions lately.

[Sadie]

We’re with Santander and recently changed our address to our PO Box here, no problems

[galexinda]

Spain, Portugal, Italy, France and the Netherlands have been all affected, especially during the past few years (account holders other than Barclays that has its own timescale). Most receive a letter a few months in advance of the planned closure but others have only been given 60 days.

[Paul]

My account is registered at friends house with a UK address.
They have no access to the account.
Paul

[trevnhil]

Sadly I think that is illegal..

[PhotoLady]

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.

[WHL]

Sadly I think that is illegal..

It is you need to have an address were you reside..

[galexinda]

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.

Some of the larger UK banks already accept an overseas mobile number as the registered phone for the two step verification process - mine has done so for at least 2 years.

[PhotoLady]

Some do, yes... but not all.

[Lucky Lady]

I agree Photolady

We have accounts with Santander, Nationwide, plus credit cards with two others. All happy for us to have Cypriot addresses and phone numbers to send texts. These accounts to have been in operation for years, before moving to Cyprus.
I'm not sure you could open a UK account now though.

[Paul]

I to am with Santander and it was a member of there staff that told us to give them a UK address as we where coming to Cyprus.
And they have my Cyprus address too!
Paul

[Expresspete]

Just called Lloyds, they have no plans to close U.K. bank accounts

[dodo]

We have a joint First direct account, I have a Ford account and a barclays. Hubby a lloyds account and a Halifax credit card. My Barclays is registered at my dad's address but the other 4 have our cyprus address only problem we encountered was to up the limit on the credit card as we be hiring a car next month in uk and they wouldn't as its not a UK address. All accounts are active and we have both cypriot and uk sim cards so maybe this makes a difference. When we moved here post office, Tesco money, Leeds and Birmingham midshires closed our accounts. We have opened Wise and Revolut accounts since with our cypriot address.