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

[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.

[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.

[Fionaken]

I wondered why I couldn't register my new UK bank card with PayPal. The previous one worked fine. I'll stop trying!

[darrow]

We had our TSB account closed over 2 years ago.

[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...

[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.

[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.

[souniman]

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

[galexinda]

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

Pleased that someone else spotted this - hence my comment that my UK bank has been accepting a Cyprus mobile number for some time already.

[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.

[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....

[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.
Dee

[JimX]

Thank you Dee but I only need to know this IF Lloyds close accounts, they say they will not be doing this.

[kansas]

Best to double check on I O Mans banking regulations. Nationwide closed our account there.

[WHL]

https://www.walesonline.co.uk/news/worl ... s-24642518

[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.

Dee

[galexinda]

https://www.walesonline.co.uk/news/worl ... s-24642518

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.

[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

[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.