Closure of UK bank accounts to EU residents

66 posts in this topic

As reported in the newspapers, this seems to be an ever increasing possibilty if no deal Brexshit happens. I thought it might be useful to have a specific thread for updates. Knowledgeable and inventive people here may have ideas about what we can do. It seems that the biggest hurdle is being able to provide and prove a UK residential address, if I understand correctly.  Barclaycard for example will not accept a C/O address or a company address.

 

So far, for me, B'card has just shut down the cc account, even before the Nov 16th deadline.

 

Nat West has no information online or having spoken to the call centre. They seem to be doing wait and see.

 

I don't want to be caught out having to make arrangements for pension payments etc. at the last minute. I'll lose a lot of money with the crap exchange rate if I just transfer the balance here. 

 

Any ideas? Open an account with an offshore bank? (expensive?) HSBC any good? 

 

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Do not recommend HSBC<_<. For the moment, they are at least still free but that's about where the praise stops. I opened a student account with the Midland 40 years ago, and they got swallowed up by HSBC way back when. Closing the account would have cost a fee so I left it... my ERNIE bonds winnings :P get paid into it and it is handy when I go back - which is very occasionally. Sometimes when the rate is good, like now, I ship Euros across - bit of currency speculation... but communication with them is arduous in the extreme. Indian call centres, thick accents, 10 minute security procedure, people hanging up when they can't answer your question... I have the simplest current account... they once "upgraded" me to Premium, which has strings attached, without even asking me just because I made a couple of transfers which they assumed was a salary. Had to unpick that one. Arduous, as I say. But moving the money to another High St. bank also proved impossible because they would not open a current account for non-residents. So much for free movement of finances. If you go into an actual branch, it is like being in a disco. All open plan, no privacy, noisy, piped music, queues... the staff do bend over backwards for you however. But they also have to deal with Indian call centres for internal stuff... I tried repeatedly to change my address to a UK one online yesterday, to no avail. The TAN number did not do the trick... no explanation... seemed to be a bug... which I presume is engineered.

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Oh, that's disappointing feedback! Was just lookibg at their website which says yes, you can open an acct from the EU, yes, you can carry on using an existing acct after Brexit, yes you can open savings accounts ...

Still, if NatWest lets us down maybe just have to put up with grotty service ... 😐

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14 hours ago, Feierabend said:

I don't want to be caught out having to make arrangements for pension payments etc. at the last minute. I'll lose a lot of money with the crap exchange rate if I just transfer the balance here. 

I have a Natwest account also which I really only use for transferring funds to use if I travel back to the UK. Income from the UK is all transferred direct to my German bank and I would recommend you to do the same, I know the exchange rate is crap at the moment but do you think it will get better? I think in the foreseeable future it is likely to get worse.

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46 minutes ago, keith2011 said:

 

I have a Natwest account also which I really only use for transferring funds to use if I travel back to the UK. Income from the UK is all transferred direct to my German bank and I would recommend you to do the same, I know the exchange rate is crap at the moment but do you think it will get better? I think in the foreseeable future it is likely to get worse.

You're probably right, I fear. Theoretically we've tried transferring on the occasional day when the rate goes up a bit, but mostly we miss it and as non-savvy  people not glued to a fast computer and telephone we usually miss out on any fleeting increase.

NatWest seems to be biding it's time but the outlook isn't good. I've been with them for 50 years! We are all victims of the turds at the top who are ruining the UK.

 

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I somehow didn't notice the similar thread over on Finance.

Seems like HSBC should probably continue, if with some reduced services. Somebody is recommending looking at the Starling Bank which I have never heard of but comes out well in a Which report.

 

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1 hour ago, keith2011 said:

 

I have a Natwest account also which I really only use for transferring funds to use if I travel back to the UK. Income from the UK is all transferred direct to my German bank and I would recommend you to do the same, I know the exchange rate is crap at the moment but do you think it will get better? I think in the foreseeable future it is likely to get worse.

 

Now is the worst time to be trading in your UK pounds for Euros. The outlook might not be so good in 1 or 2 years after that, but the pound might pick up in say 3 to 5 years.

 

 

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22 minutes ago, Feierabend said:

 Somebody is recommending looking at the Starling Bank which I have never heard of but comes out well in a Which report.

 


I have heard good things about Starling. Some friends of mine recently moved to the UK from Germany and opened an account with Starling because the account opening process was so much easier than with the traditional banks. They are very happy with it. I also hear good things about it in social media. There's a very active Germans in London Facebook group in which it's regularly discussed and recommended. 

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28 minutes ago, RenegadeFurther said:

Now is the worst time to be trading in your UK pounds for Euros. The outlook might not be so good in 1 or 2 years after that, but the pound might pick up in say 3 to 5 years.

 

You maybe right about a pickup in 3-5 years, I get a fixed income from the UK, so I can but hope, however the long term trend has been ever downwards, in fair play along with the US dollar. On my first visit to Germany I was getting 6 DM to the GBP, a few years earlier, my parents took a holiday in Germany and got 10DM, happier days.:mellow:

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20 minutes ago, keith2011 said:

 

You maybe right about a pickup in 3-5 years, I get a fixed income from the UK, so I can but hope, however the long term trend has been ever downwards, in fair play along with the US dollar. On my first visit to Germany I was getting 6 DM to the GBP, a few years earlier, my parents took a holiday in Germany and got 10DM, happier days.:mellow:

 

Wait till the EU`s corona bonds idea takes off.

 

When all the Southern EU countries ask all the Northern EU countries to pay for the joint debt.

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17 minutes ago, RenegadeFurther said:

Wait till the EU`s corona bonds idea takes off.

 

When all the Southern EU countries ask all the Northern EU countries to pay for the joint debt.

Ah but who is going to pay for corona debt of the UK, no help from the EU, they will still be looking for their 39bn divorce settlement?

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41 minutes ago, keith2011 said:

Ah but who is going to pay for corona debt of the UK, no help from the EU, they will still be looking for their 39bn divorce settlement?

 

When you have your own currency you can print your way out.

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I just "chatted" to Nat West . 

I have checked and would like to inform you that, your bank account will not be closed, There should be no change to how you make and receive payments to EU countries. And, of course, you can continue to access your bank account through the mobile app and online banking to conduct your everyday banking needs.
webchat_avatar_32x32.png
Please click here , you can check on the link to get more information regarding the Brexit and how you can easily access your account and lates update as well 
Hopefully this is the case. They need to make a public statement  to reassure people I think. Fingers crossed.
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3 minutes ago, Feierabend said:

I just "chatted" to Nat West . 

I have checked and would like to inform you that, your bank account will not be closed, There should be no change to how you make and receive payments to EU countries. And, of course, you can continue to access your bank account through the mobile app and online banking to conduct your everyday banking needs.
webchat_avatar_32x32.png
Please click here , you can check on the link to get more information regarding the Brexit and how you can easily access your account and lates update as well 
Hopefully this is the case. They need to make a public statement  to reassure people I think. Fingers crossed.

 

I assume it is the Natwest group so it should include all subsidiaries, or?

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Coutts, one of the three banks named so far as cutting off their EU-resident British customers, is apparently part of the NatWest Group, along with NatWest, Royal Bank of Scotland, Ulster Bank, Adam & Company, Child & Co., Drummonds, Holt’s Military Banking, Isle of Man Bank, Lombard, RBS International and NatWest Markets.

 

https://www.natwestgroup.com/our-brands.html

 

Two different interpretations of the situation with NatWest from the Guardian and Independent:

 

"Other banks have yet to decide on future arrangements. Santander and NatWest said they were keeping the situation under review and currently had no plans to withdraw retail or corporate accounts."

https://www.theguardian.com/money/2020/sep/21/britons-eu-uk-bank-accounts-closed-lloyds-barclays-brexit

 

"Other UK-based banks, including Santander and NatWest, have yet to decide on whether they will continue offering their services to British EU residents."

https://www.independent.co.uk/news/world/europe/brexit-banks-expats-lloyds-barclays-coutts-britain-eu-b529833.html

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I'm beginning to think that this was just scaremongering by certain members of the press...

 

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On 9/26/2020, 10:54:57, Wulfrun said:

I'm beginning to think that this was just scaremongering by certain members of the press...

 

Be that as it may... I ain't taking any chances.

My "Betriebsrente" and my State Pension will, as from today, be paid direct into my German account, thus by-passing my Barclays UK account. Thus, if they want to close it, that'll be fine ....there'll be f*ck all in it.

 

I did hear from Barclaycard that my account will be closed if I can't provide them with a UK address (I can't) but as I tend not to use credit cards and I don't owe them anything, they can also fuck off.

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8 hours ago, Keefy said:

Be that as it may... I ain't taking any chances.

My "Betriebsrente" and my State Pension will, as from today, be paid direct into my German account, thus by-passing my Barclays UK account. Thus, if they want to close it, that'll be fine ...there'll be f*ck all in it.

 

I did hear from Barclaycard that my account will be closed if I can't provide them with a UK address (I can't) but as I tend not to use credit cards and I don't owe them anything, they can also fuck off.

My state pension has always been paid directly into my German bank a/c, but I do have a private pension paid into my UK bank. I have no UK credit cards.

 

This from GOV.UK

 

Quote

Banking

Most people living in Europe should not see any change to their banking after 31 December 2020. Your bank or finance provider should contact you if they need to make any changes to your product or the way they provide it. If you have any concerns about whether you might be affected, contact your provider or seek independent financial advice.

 

Time updated
6:12pm, 23 September 2020

 

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