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The Local _ Finance _ BREXIT - UK Bank Accounts

Posted by: Mpf 8.Oct.2020, 08:55 AM

At 2300hrs on 31 Dec 2020, if you own a UK bank account which has an EU address it is likely to be closed. Many of the big banks including Lloyds and Barclays have confirmed this already but are extremely slow in informing account holders.

NatWest will still allow people in the EU to hold an account with an EU address and you can apply for an account by downloading the application pdf from their website. HSBC and Santander bank offer EU accounts but think you need to make deposits of 60-100k.

It is amazing to think that after all this time and so late into the extension to leaving the EU it is only now that the banks have decided that they will close accounts. From what I understand, this is not a reciprocal arrangement, i.e. people from the EU living in the UK with bank accounts in their own countries will not have their bank accounts closed.

Thought I would just put this out there, especially for this who have their pensions paid into UK accounts linked to their EU address. Please feel free to google this if you think I am leading you up the garden path.

Posted by: Martin565 8.Oct.2020, 09:06 AM

Posted by: Mpf 8.Oct.2020, 09:28 AM

I have spoken to my bank direct and it is true 100% - this is not a scare story as you put it. I have no idea where you get the idea none of this applies to ex pats living in Sweden, please let me know your source. Obviously too lazy to google it as I mentioned so here is a link for you!

If you want to ignore my advice that is up to you, I don't care it's your money and account after all.

I have been on this site for many, many years and have been quiet for quite sometime because of all the negativity and attacking by the uninformed just like you who attack those who are trying to help and inform others. So unless you have something constructive to add why not STFU?

As for "just opening another bank in the UK", it is not quite that simple. Many overseas account holders require a large deposit. Many banks, as you will see from the attached report WILL be closing accounts and there are VERY FEW options available.

One option people do have, however, is to change their account address to one in the UK if they have that option. The downside is that new cards and correspondence will go to that address.

Posted by: Guest 8.Oct.2020, 09:38 AM

Some banks are closing branches if the owner doesn't have any UK address they can use to register the account against.

Posted by: Martin565 8.Oct.2020, 02:14 PM

Posted by: Guest 8.Oct.2020, 02:16 PM

The queen banks with Coutts; I expect they have a minimum balance most of us can only dream of.

Posted by: Mib 15.Oct.2020, 04:29 PM

Posted by: Taxalien 15.Oct.2020, 07:07 PM

For those not yet moved or who need to change banks, I'd suggest one of the new ones, because they have zero charges for card usage abroad and very low transfer fees. Most offer Euro/USD accounts as well. Starling is best imho.

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