Has your bank asked you to close your UK bank account due to Brexit?

[GaryC 273]

I recently opened an account with Starling Bank (I am UK resident though).  You get a sterling account and a Euro account attached to the same Mastercard debit card.  The card can be set to use on or other currency and movements between the two accounts is at Mastercard exchange rates with (I think) a tiny fee.  Whether you can get one of these as a non-res is not known but worth exploring in my humble opinion.

 

[cb6dba 7,315]

Would it be  possibility to use the address of family members in the UK?

I did this when I had just finished Uni as I was jumping from flat to flat (peoples sofa's as I was waiting to move over to germany) and for a good year afterwards (forgot to change the address). 

I guess it's a hassle for cards etc but do the UK banks actually check you live where you say you live when it's a up and running account?

 

 

EDIT: Just found post covering this... 

[lunaCH 971]

7 minutes ago, cb6dba said:

do the UK banks actually check you live where you say you live when it's a up and running account?

No. 

[Smaug 5,847]

55 minutes ago, cb6dba said:

I guess it's a hassle for cards etc but do the UK banks actually check you live where you say you live when it's a up and running account?

 

 

Like LunaCH says, no.

 

However, if you give them a German phone number, or set up foreign direct debits they might start asking questions about where you are a tax resident, and at the very least require to submit a declaration that you are a UK resident.

[kthxcia 14]

I guess it's not so pie-in-the-sky after all...   https://www.dailymail.co.uk/news/article-8752653/British-expats-Europe-stripped-UK-bank-accounts-weeks-post-Brexit-rules.html

 

 

[GaryC 273]

26 minutes ago, kthxcia said:

I guess it's not so pie-in-the-sky after all...   https://www.dailymail.co.uk/news/article-8752653/British-expats-Europe-stripped-UK-bank-accounts-weeks-post-Brexit-rules.html

 

 

Indeed.  You might find this BBC Moneybox interesting https://l.facebook.com/l.php?u=http%3A%2F%2Fwww.bbc.co.uk%2Fprogrammes%2Fm000mrcm%3Ffbclid%3DIwAR3jsEA6Nb-ZhKyVckavN1w-9KXdYb1QBbS_cMaVlC3ysgzObiWl34hYjFw&h=AT0uAwRneSmOr4LNfp7WMz8WjraQXSx27QMcDAMlposeYPWkgoFrU0GAmhLNRNKxNPmH8phTZmUbljxwrwm5Jir3xxR7-iJfFM6S0p_Y2HePDY-GoZ7A660PxiDDI45YdA&__tn__=%2CmH-R&c[0]=AT2_ZdTQCmVoMAxZuSxxNg4G57FGPNFk5v8QhmRYnFsrcehZr6CJB8f2mAW_4hpv3RS5hP-kqRo5HK0Op8hPYVKTyqPbGkcGV7NbWiilWKIcWFZo9KNwgdKn7pqrEIQuZjUPUwIIteBzbUzjC2KcH0MolVtq8Ags-ANhPO7MW5V41OJGpeBV0BGW7HRdKexe0qCKAB_yLuDJpqo6

 

[kthxcia 14]

13 hours ago, GaryC said:

Indeed.  You might find this BBC Moneybox interesting https://l.facebook.com/l.php?u=http%3A%2F%2Fwww.bbc.co.uk%2Fprogrammes%2Fm000mrcm%3Ffbclid%3DIwAR3jsEA6Nb-ZhKyVckavN1w-9KXdYb1QBbS_cMaVlC3ysgzObiWl34hYjFw&h=AT0uAwRneSmOr4LNfp7WMz8WjraQXSx27QMcDAMlposeYPWkgoFrU0GAmhLNRNKxNPmH8phTZmUbljxwrwm5Jir3xxR7-iJfFM6S0p_Y2HePDY-GoZ7A660PxiDDI45YdA&__tn__=%2CmH-R&c[0]=AT2_ZdTQCmVoMAxZuSxxNg4G57FGPNFk5v8QhmRYnFsrcehZr6CJB8f2mAW_4hpv3RS5hP-kqRo5HK0Op8hPYVKTyqPbGkcGV7NbWiilWKIcWFZo9KNwgdKn7pqrEIQuZjUPUwIIteBzbUzjC2KcH0MolVtq8Ags-ANhPO7MW5V41OJGpeBV0BGW7HRdKexe0qCKAB_yLuDJpqo6

 

 

Thank you.
At 8.10, the interviewee mentions that some banks have confirmed they will be allowing EU expats to hold accounts, but he is not asked which banks these are... which rather annoyed me!

[GaryC 273]

According to something I read elsewhere, HSBC is one of those not taking such action.

 

 

[dstanners 1,415]

48 minutes ago, GaryC said:

According to something I read elsewhere, HSBC

Yes, I read that in the Grauniad today. It seems to be because they have various subsidiaries across the EU.

[Auntie Helen 480]

I have a a first direct account (HSBC) and I believe that is staying available, but the choice of savings accounts shrank dramatically a couple of years ago.

[SusieT 404]

I think the credit cards, loans and overdrafts will be the first to go, closely followed by some bank accounts. Barclaycard have made a start, I think Lloyds are very close behind, and others will follow. HSBC having branches worldwide due to being Honk Kong Shanghei will most likely stay open, and accounts with UK addresses should be fine as well. others will take a view on profitability but after the first panic that will ensue I would expect things to settle and see what is in any eventual agreement - with the timing it could also be a pressure tactic for whatever negotiations are happening.

 

[kthxcia 14]

Thanks everyone! Will look into HSBC.

[dstanners 1,415]

My personal UK account is addressed to my UK business address (where someone forwards mail to me here in Germany), so I'm hoping I might be able to keep it going even though the account is with Lloyds. I'll post again if I receive anything to the contrary.

[GaryC 273]

I would be tempted to look at Starling Bank and ask them what they are doing. 

 

I have opened and account with them  You get 2 for the price of 1 - a £ account and € account.  Transfers between them are at Mastercard rates and a small fee and you can use the attached Mastercard debit card on either of the accounts, depending where you are.  

[cb6dba 7,315]

11 hours ago, GaryC said:

I would be tempted to look at Starling Bank and ask them what they are doing. 

 

I have opened and account with them  You get 2 for the price of 1 - a £ account and € account.  Transfers between them are at Mastercard rates and a small fee and you can use the attached Mastercard debit card on either of the accounts, depending where you are.  

I took a look at what they offer. The euro account was interesting, transfers between that and the normal current account are free and you pay only a 0.4% conversion fee.

There also seems to be quite a few banks offering similar products, some not requiring a UK address..

[robinson100 12,603]

12 hours ago, GaryC said:

I would be tempted to look at Starling Bank and ask them what they are doing. 

 

I have opened and account with them  You get 2 for the price of 1 - a £ account and € account.  Transfers between them are at Mastercard rates and a small fee and you can use the attached Mastercard debit card on either of the accounts, depending where you are.  

 

According to this:

https://www.which.co.uk/news/2019/11/britains-best-bank-accounts-revealed-and-those-you-should-avoid/

 

- Starling Bank is the second best recommended bank in the UK at the moment...

 

[kthxcia 14]

18 hours ago, GaryC said:

I would be tempted to look at Starling Bank and ask them what they are doing. 

 

I have opened and account with them  You get 2 for the price of 1 - a £ account and € account.  Transfers between them are at Mastercard rates and a small fee and you can use the attached Mastercard debit card on either of the accounts, depending where you are.  

 

Starling Bank certainly looks interesting! I chatted with them today, but was advised they don't offer accounts to Brits in Europe. So, it would be the same as the other banks!

HSBC looks interesting though! 

[lunaCH 971]

On 20/09/2020, 22:58:29, kthxcia said:

I guess it's not so pie-in-the-sky after all...   https://www.dailymail.co.uk/news/article-8752653/British-expats-Europe-stripped-UK-bank-accounts-weeks-post-Brexit-rules.html

The article though completely exaggerates the situation saying that it will become illegal for the banks to offer the accounts. That's wrong and I don't see how Brexit changes anything. There are around 65'000 British expats in Switzerland (also non-EU) and many of them will have UK bank accounts registered with Swiss addresses, I personally know a few. 

[Dembo 365]

So funnily enough I chose this week to finally tell Barclays where I've moved to. I used the online chat, and at first it seemed like it was going to be really easy and they just asked my address. Then it went quiet a bit, and they told me I have to call and discuss the "consequences". Which sounds ominous.

 

Haven't done it yet, but yesterday I saw a Youtube video on this subject. I don't care that much about the bank account, but I would like to keep my Barclaycard. Will call tomorrow and find out. 

 

I also have a Starling account (opened in the UK) with a Euro account, which I'd definitely recommend if you can get one.

 

My Dad lives in France and receives a UK pension paid into his UK bank account, but registered in France. Not sure how that's going to work out. 

 

 

[lunaCH 971]

47 minutes ago, Dembo said:

My Dad lives in France and receives a UK pension paid into his UK bank account, but registered in France. Not sure how that's going to work out. 

There should be no change, unless it's one of the banks that no longer want him as a customer. He can easily register the account under a UK address should this be the case. I'm sure many who are being contacted about possible closures are simply doing that. If not just switch banks. 

 

47 minutes ago, Dembo said:

So funnily enough I chose this week to finally tell Barclays where I've moved to

Why?