UK banks to close many ex-pats accounts after Brexit.
- PW in Polemi
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Re: UK banks to close many ex-pats accounts after Brexit.
My UK account is with Nat West International in Guernsey. As this is a separate entity from NW UK, albeit under the same umbrella, I hope they remain international in their customer base.
Kay
Those who do not like cats, must have been mice in a former life!
Those who do not like cats, must have been mice in a former life!
- mike strand2
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Re: UK banks to close many ex-pats accounts after Brexit.
Smile is part of The cooperative Bank. I just checked on line and there is no mention of any Barclays involvement, although I acknowledge Barclays could possibly be a shareholder.
https://en.wikipedia.org/wiki/The_Co-operative_Bank!
Re: UK banks to close many ex-pats accounts after Brexit.
Correct Mike, slight senior moment last night whilst in mid flow.
Ian
Ian
Re: UK banks to close many ex-pats accounts after Brexit.
Ian , I agree with happy in Cyprus that your comments are an excellent insight into the potential problems of banking in the future. Let’s hope the U.K. and EU. come to an agreement over the banking sector so that this problem may be averted. Being cynical I wonder whether the banks are taking the opportunity to clear out non profitable accounts.
Terry
Terry
- mike strand2
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Re: UK banks to close many ex-pats accounts after Brexit.
I read that NSI have said that huge numbers invested more in Prem Bonds in July: I was one. With the UK banks paying virtually 0% interest, why wouldn't I? If I get just one 25 pound win, that would be more than my bank interest in a year! Unfortunately NSI are having to cut their returns because of this influx of additional money. I'm no banker & cannot put the two things together!
Re: UK banks to close many ex-pats accounts after Brexit.
We did this recently, we took a big chunk out of the Bank and bought the maximum amount we could, and the first month we won a hundred odd quid, Im sure its fixed to give you a little sweetener,mike strand2 wrote: ↑Fri Sep 25, 2020 8:56 pm I read that NSI have said that huge numbers invested more in Prem Bonds in July: I was one. With the UK banks paying virtually 0% interest, why wouldn't I? If I get just one 25 pound win, that would be more than my bank interest in a year! Unfortunately NSI are having to cut their returns because of this influx of additional money. I'm no banker & cannot put the two things together!
as previously I had about two hundred quid in premium bonds for over fifty years without winning a bean.
Re: UK banks to close many ex-pats accounts after Brexit.
Are people with their permanent address in Cyprus able to buy premium bonds ?
Trev..
Re: UK banks to close many ex-pats accounts after Brexit.
I was really looking for a yes or no answer. However all I get from the link is
"Unfortunately the page you are looking for is not available."
"Unfortunately the page you are looking for is not available."
Trev..
- PhotoLady
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Re: UK banks to close many ex-pats accounts after Brexit.
We did when we lived in Cyprus.
This from the website:
I live outside the UK - can I invest with NS&I?
While we have always been a UK based savings provider, backed by HM Treasury, we also have customers who live outside the UK.
If you live outside the UK, or are considering moving overseas, please see below for some general guidance on saving with us. Some of our products cannot be held in certain countries due to local restrictions and some may also be liable for local tax. For detailed information you will need to check the local law or regulations in the country outside the UK you are living in or moving to.
If you move overseas, you will need to let us know so we can update your details.
https://www.nsandi.com/i-live-outside-u ... t-with-nsi
"Have Camera, Will Travel"
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Re: UK banks to close many ex-pats accounts after Brexit.
Indeed you can Trev. Initially, you apply by post. Once set up, you can do everything online. Hope this link helps.
https://www.nsandi.com/i-live-outside-u ... t-with-nsi
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Re: UK banks to close many ex-pats accounts after Brexit.
We have a home in London. but I think you can still buy premium bonds if you live out side the UK
https://www.nsandi.com/i-live-outside-u ... 20Sterling
Re: UK banks to close many ex-pats accounts after Brexit.
I found this informative article about the EU passporting system for banks:
https://www.bba.org.uk/wp-content/uploa ... QB-3-1.pdf
https://www.bba.org.uk/wp-content/uploa ... QB-3-1.pdf
- mike strand2
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Re: UK banks to close many ex-pats accounts after Brexit.
DO bear in mind that strictly speaking, although winnings from PB's atre tax free in the UK, they are not in CY.
Re: UK banks to close many ex-pats accounts after Brexit.
Yes, that is what our accountant told us a couple of years ago when we asked her about Premium Bonds - I decided it wasn't worth having to register to tax for just that reason for the small amount I had intended to invest and in fact cashed in the ones I already had as they had never won me anything.mike strand2 wrote: ↑Fri Oct 02, 2020 12:11 pmDO bear in mind that strictly speaking, although winnings from PB's atre tax free in the UK, they are not in CY.
- mike strand2
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Re: UK banks to close many ex-pats accounts after Brexit.
Not a word to the taxman, but I just had 2 wins this October; £25 & £100. So my plan paid off; leave a min amount in my bank (paying a miserly 0.01% interest) and stuff the rest into Prem Bonds.
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Re: UK banks to close many ex-pats accounts after Brexit.
We wanted to buy Premium bonds for our grandson online but were blocked. On speaking to their customer services was told you couldn’t purchase Bonds if you lived in Cyprus, but we are able to continue to hold the ones we already had and if we do win it is reinvested in more Bonds. So if you reinvest winnings I assume you escape the tax implications over here? Mind if I scooped the big one I would want to go on a spending spree!!!
- mike strand2
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Re: UK banks to close many ex-pats accounts after Brexit.
According to this page from NSI, there are no restrictions imposed by them. However some countries will not allow the purchase of Prem Bonds as it's seen a gambling!Lazydaze52 wrote: ↑Sat Oct 03, 2020 10:59 am We wanted to buy Premium bonds for our grandson online but were blocked. On speaking to their customer services was told you couldn’t purchase Bonds if you lived in Cyprus, but we are able to continue to hold the ones we already had and if we do win it is reinvested in more Bonds. So if you reinvest winnings I assume you escape the tax implications over here? Mind if I scooped the big one I would want to go on a spending spree!!!
https://www.nsandi.com/i-live-outside-u ... t-with-nsi
See also post on Cyrus Living from 2014, https://www.nsandi.com/i-live-outside-u ... t-with-nsi
Re: UK banks to close many ex-pats accounts after Brexit.
I buy Premium Bonds and have a Cyprus address, it is not a problem. Most recent purchase was only last week as I shuffled money from my UK bank where the interest was worth nothing to Bonds where at least you have a chance on winning as well. Just bear in mind the £50,000.00 limit you can hold.