That is per person,bromerzz wrote: ↑Sat Oct 03, 2020 11:43 am 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.
UK banks to close many ex-pats accounts after Brexit.
Re: UK banks to close many ex-pats accounts after Brexit.
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Lazydaze52
- Posts: 124
- Joined: Wed Dec 28, 2016 12:48 pm
Re: UK banks to close many ex-pats accounts after Brexit.
Thanks for the info mike and bromerzz.
Our application was refused, which was why we rang their helpline, maybe it was because we were buying them for someone else? We ended up sending the money to our daughter to buy them.
We already own premium bonds and Wouldn’t mind moving some money from our savings which is earning zilch at the moment. If banks start to close expat bank accounts, premium bonds might be the best way forward for us personally, so we will give it another try.
Our application was refused, which was why we rang their helpline, maybe it was because we were buying them for someone else? We ended up sending the money to our daughter to buy them.
We already own premium bonds and Wouldn’t mind moving some money from our savings which is earning zilch at the moment. If banks start to close expat bank accounts, premium bonds might be the best way forward for us personally, so we will give it another try.
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Lazydaze52
- Posts: 124
- Joined: Wed Dec 28, 2016 12:48 pm
Re: UK banks to close many ex-pats accounts after Brexit.
Have been notified by Cynergy Bank our account is being closed in 60 days. I know from the forum that a number of Barclays customers switched to Cynergy when it was then Bank of Cyprus UK so has anyone found a UK bank that will definitely accept customers who live in Cyprus?
We also have an account with Santander which we never use so will make some enquiries with them and I am going to look at Travelwise as was suggested on here, but my other thought was would Cynergy accept a change of address to our daughter’s in the UK and has anyone tried that?
We also have an account with Santander which we never use so will make some enquiries with them and I am going to look at Travelwise as was suggested on here, but my other thought was would Cynergy accept a change of address to our daughter’s in the UK and has anyone tried that?
Re: UK banks to close many ex-pats accounts after Brexit.
Those of us who use Lloyd Banking in the UK without a permanent UK home address (we haven't), we have been informed they are not closing UK accounts for existing customers for expatriates in Cyprus, I guess time will tell..
From the Lloyds web site, no mention of closing accounts for those in Cyprus. (So far)
Lloyds Bank confirmed it will pull services from Holland, Slovakia, Germany, Ireland, Italy and Portugal - a move that impacts 13,000 Brits.
Anyone who has lived and worked in the UK will understand the advantages of having an account in Blighty.
You can pay your bills, your taxes, collect your investments – there’s always some business to be done which is much easier to settle if you have at least a checking account in a UK bank.
But with Brexit closing in, and quite possibly a no-deal Brexit, do you have to close your account there?
No, you do not have to close your account. This applies whether you are a Cypriot, a Brit, or of another nationality.
However, there is a strong chance that your UK bank will ask you to close it. It may also take back your credit cards, which is no joke given that foreigners don’t have access to them in Cyprus (banks here ask you to put up €2,000 and then give you a “credit card” with a credit line of –guess what? €2,000).
It also is possible to find another UK bank that will accept your business.
Why are UK banks closing your account?
Why are UK banks closing your account? Because most financial institutions in the UK will no longer have ‘passport’ access to the EU single market (and to the EEA countries). Before Brexit, UK banks could access any other banks in the 27 member states freely.
Current passporting rules are set to end on 31 December 2020 unless a new agreement is reached with the EU.
What that means is that, as things stand, from 1 January 2021, each UK bank will need to have separate licence in every EEA country it wants to operate in.
So if you live in a country that your bank likes to work in, you don’t have to worry. But many UK banks just don’t want to have you on the books in any case – with 1.4 million Brits living in the EU, the biggest banks including Lloyds, Bank of Scotland, Barclaycard apparently just can’t be bothered.
Unless you have a valid UK address on your account – and PO boxes or parcel receivers don’t count – your account is toast.
Other major UK banks have reportedly sent out letters saying that they are keeping a close eye on the situation and will let you know.
There have been a wave of complaints about this, as you might expect, with some banks closing accounts without informing the account holders, and others giving very short notice. Credit card issues are legion, as some banks oblige holders to pay off total outstanding debt when card accounts are closed.
There has been enough of a reaction that the UK Treasury has intervened. It has warned UK banks that they must give two-months’ notice before closing these accounts. Banks have also been told that they cannot close down accounts where the holder would be placed in “undue financial hardship.”
I can’t quite see myself pleading financial hardship at my high street branch, but you might fall upon a sympathetic manager (don’t count on it).
What you can do
Fortunately, there are less unlikely strategies that you can use to resolve this issue.
Is the address on your bank account currently in the UK? The simplest strategy is to keep that address on the account. The bank need never know that you are abroad.
Do not, however, try to change your address to that of your old aunt who lives in Milton Keynes or anyone like that – this could be used to show that you are no longer resident abroad, and that won’t look good on your tax return.
Another strategy is to switch to a UK bank that has no issues with people living abroad. ING has been one such bank in the past, but check first to see if it has changed its policy. There are a number of others, and there is no legal obstacle to your picking one that offers terms you like.
HSBC, for example, has confirmed you can open an online account from any EU member state. Currently, HSBC reportedly has no plans to close expat accounts. Again, it’s wise to check first about expat policies before you open an online account.
Another alternative is to find a bank in Cyprus which has a branch in London. You may be able to arrange a multicurrency account with a UK IBAN as well as a Cyprus one.
There are also a number of fintech account providers that can provide you with both. You should ensure that they have EU bank licences. There are several here in Cyprus.
One such provider is Payoneer, an alternative banking services provider that has been around for nearly 20 years. If you are paid a salary, or a fee or investment dividends in the UK, Payoneer could work for you. It will take payments for you from any proper business account, just about anywhere in the world. But you can’t pay yourself anything on Payoneer, nor can a friend or relative send you money from a personal account.
From the Lloyds web site, no mention of closing accounts for those in Cyprus. (So far)
Lloyds Bank confirmed it will pull services from Holland, Slovakia, Germany, Ireland, Italy and Portugal - a move that impacts 13,000 Brits.
Anyone who has lived and worked in the UK will understand the advantages of having an account in Blighty.
You can pay your bills, your taxes, collect your investments – there’s always some business to be done which is much easier to settle if you have at least a checking account in a UK bank.
But with Brexit closing in, and quite possibly a no-deal Brexit, do you have to close your account there?
No, you do not have to close your account. This applies whether you are a Cypriot, a Brit, or of another nationality.
However, there is a strong chance that your UK bank will ask you to close it. It may also take back your credit cards, which is no joke given that foreigners don’t have access to them in Cyprus (banks here ask you to put up €2,000 and then give you a “credit card” with a credit line of –guess what? €2,000).
It also is possible to find another UK bank that will accept your business.
Why are UK banks closing your account?
Why are UK banks closing your account? Because most financial institutions in the UK will no longer have ‘passport’ access to the EU single market (and to the EEA countries). Before Brexit, UK banks could access any other banks in the 27 member states freely.
Current passporting rules are set to end on 31 December 2020 unless a new agreement is reached with the EU.
What that means is that, as things stand, from 1 January 2021, each UK bank will need to have separate licence in every EEA country it wants to operate in.
So if you live in a country that your bank likes to work in, you don’t have to worry. But many UK banks just don’t want to have you on the books in any case – with 1.4 million Brits living in the EU, the biggest banks including Lloyds, Bank of Scotland, Barclaycard apparently just can’t be bothered.
Unless you have a valid UK address on your account – and PO boxes or parcel receivers don’t count – your account is toast.
Other major UK banks have reportedly sent out letters saying that they are keeping a close eye on the situation and will let you know.
There have been a wave of complaints about this, as you might expect, with some banks closing accounts without informing the account holders, and others giving very short notice. Credit card issues are legion, as some banks oblige holders to pay off total outstanding debt when card accounts are closed.
There has been enough of a reaction that the UK Treasury has intervened. It has warned UK banks that they must give two-months’ notice before closing these accounts. Banks have also been told that they cannot close down accounts where the holder would be placed in “undue financial hardship.”
I can’t quite see myself pleading financial hardship at my high street branch, but you might fall upon a sympathetic manager (don’t count on it).
What you can do
Fortunately, there are less unlikely strategies that you can use to resolve this issue.
Is the address on your bank account currently in the UK? The simplest strategy is to keep that address on the account. The bank need never know that you are abroad.
Do not, however, try to change your address to that of your old aunt who lives in Milton Keynes or anyone like that – this could be used to show that you are no longer resident abroad, and that won’t look good on your tax return.
Another strategy is to switch to a UK bank that has no issues with people living abroad. ING has been one such bank in the past, but check first to see if it has changed its policy. There are a number of others, and there is no legal obstacle to your picking one that offers terms you like.
HSBC, for example, has confirmed you can open an online account from any EU member state. Currently, HSBC reportedly has no plans to close expat accounts. Again, it’s wise to check first about expat policies before you open an online account.
Another alternative is to find a bank in Cyprus which has a branch in London. You may be able to arrange a multicurrency account with a UK IBAN as well as a Cyprus one.
There are also a number of fintech account providers that can provide you with both. You should ensure that they have EU bank licences. There are several here in Cyprus.
One such provider is Payoneer, an alternative banking services provider that has been around for nearly 20 years. If you are paid a salary, or a fee or investment dividends in the UK, Payoneer could work for you. It will take payments for you from any proper business account, just about anywhere in the world. But you can’t pay yourself anything on Payoneer, nor can a friend or relative send you money from a personal account.
Last edited by JimX on Mon Nov 02, 2020 7:00 am, edited 1 time in total.
Jim.
Re: UK banks to close many ex-pats accounts after Brexit.
A feature article in the CM today https://cyprus-mail.com/2020/11/01/do-y ... k-account/
It's Back to the Future folks 
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Lazydaze52
- Posts: 124
- Joined: Wed Dec 28, 2016 12:48 pm
Re: UK banks to close many ex-pats accounts after Brexit.
Interesting read, thanks. Will look at HSBC too.
Re: UK banks to close many ex-pats accounts after Brexit.
We have a current account with first direct and I rang them last wk with our new address here in Paphos, not a problem with change of address but informed we cannot open any new accounts with them.
Re: UK banks to close many ex-pats accounts after Brexit.
Also had a savings account with Sainsbury's and hubby had a bond with Secure trust bank. Both have now been closed since we changed our address.
Re: UK banks to close many ex-pats accounts after Brexit.
I have had accounts with NatWest all my adult life. Having no debts or mortgage may help, but so far there has been no indication that they are closing established expats accounts. I believe that Bank of Scotland is the same. Fingers crossed!
Dee
Dee
Re: UK banks to close many ex-pats accounts after Brexit.
I'd like to think that this article is true but I have not seen its contents mentioned anywhere else:
https://www.expatsblog.com/news/0210177 ... k-accounts
Peter
https://www.expatsblog.com/news/0210177 ... k-accounts
Peter
Re: UK banks to close many ex-pats accounts after Brexit.
We couldn't get out of the uk quick enough, but did manage to direct some mail but I have informed some accounts of our new address. Hampshire trust are closing our accounts(3 in total ) but are giving us 60 days notice, Aldermore and Paragon told me to close my accounts with them( money back with 24 hours) plus secure trust bank. Tesco Bank didn't question my new Cyprus address nor did Ford Money who I've actually opened another fixed bond with them earlier today. My husband has an isa with Cynergy and has informed them of our change of address and all good at the min.
