What to do with UK bank accounts and credit cards if migrating

Mackle

I've been offered the opportunity to relocate from London to Frankfurt, and am wondering what the best thing to do with my UK bank account and my two credit cards is.

As I don't want to rule out returning back to the UK after a few years, and would like to have some kind of credit history retained if I did one back, I was thinking that I should switch my bank account to the cheapest, most basic current account and have my credit cards running with a token amount in there being cleared each month, to keep the ticks ticking.

Or is it best to cut all financial ties when moving abroad, and then just start afresh if I did decide to return?

(I hasten to add that I've not decided to accept at this point, but will be expected to relocate very quickly if I do).


Many thanks

jadex

I would say that it depends whether you are British or not.
If you are, then why cut all the ties?
If you are not, chances are slim you will ever be back and banks will freeze your cards anyway when they receive annual statements sent back with note: addressee not known

agrinnall

jadex wrote: »

...when they receive annual statements sent back with note: addressee not known

Why would that happen? Banks are generally fine with having an overseas residential address, at least for bank accounts, although they may not be so keen with credit cards.

I would keep at least one current account going, inform the bank of your new address, and if possible provide them with a UK correspondence address belonging to a trusted friend or relative who can open mail and either deal with any requests or pass the details on to you.

jadex

agrinnall wrote: »

Why would that happen? Banks are generally fine with having an overseas residential address, at least for bank accounts, although they may not be so keen with credit cards.

I don't know the full rationale behind "why".
I suppose there is a difference between having/using your own money sitting in your bank account (regardless of your residency status) and using "their" money by non UK resident?

trailingspouse

There's nothing to stop you keeping your existing current account when you move abroad - they can cope with you having a non-UK address. But once you're living abroad you won't be able to open a new account, so make sure you make any decisions before you sell up.

Mackle

jadex wrote: »

I would say that it depends whether you are British or not

Yes I'm British.

I guess if I accept relocation to Germany and 4/5 years down the line it turns out that Brexit is an amazing success, I'll be trying to get a move back!

Robisere

Mackle wrote: »

Yes I'm British.

I guess if I accept relocation to Germany and 4/5 years down the line it turns out that Brexit is an amazing success, I'll be trying to get a move back!

1 - Great expectations, unlikely to be fulfilled!
2 - Enjoy Germany. I did. Most Germans are keen Anglophiles, but if you haven't already, learn the language. Almost everyone speaks English, but they really appreciate the effort.
3 - I used the Dresdner Bank and always had a good relationship.

System

They might close the accounts once you are non-resident - it varies from bank to bank.

Metro Bank currently give free usage in the SEPA Zone and Barclays gives reduced cost access to Deutsche Bank ATMs. Probably not worth opening either account but probably worth keeping.

Maestro/V Pay debit cards (and cash) are king in Germany.

Mackle

Robisere wrote: »

1 - Great expectations, unlikely to be fulfilled!
2 - Enjoy Germany. I did. Most Germans are keen Anglophiles, but if you haven't already, learn the language. Almost everyone speaks English, but they really appreciate the effort.
3 - I used the Dresdner Bank and always had a good relationship.

1) I didn't want to come on here and use the term that I've heard at work - "Opportunity to escape Brexit". I'm sure David Davis and Nigel Farage would have dismissive words to say to anyone they heard saying that! Anyway, who knows, it's not impossible that the UK models itself after Switzerland or Norway, with high wage high standard of living - not likely, but I never thought a few years ago that Donald Trump would be president.

2) Absolutely, keen to pick up the language besides basic holiday stuff. Am spoilt in the sense that English will still be the language at work though. Don't know if that's a blessing or a curse, but the idea of getting to grips with the language faster than the rest of my ex-pat colleagues does appeal to my competitive side...

3) Interesting. I know a lot of expats end up using Deutsche Bank because it's a brand they've heard of, or Commerz-bank. Not really looked in to who I'd use for banking actually, so what drew you to Dresdner Bank?

Mackle

Heng_Leng wrote: »

They might close the accounts once you are non-resident - it varies from bank to bank.

Metro Bank currently give free usage in the SEPA Zone and Barclays gives reduced cost access to Deutsche Bank ATMs. Probably not worth opening either account but probably worth keeping.

Maestro/V Pay debit cards (and cash) are king in Germany.

Not sure if the German arm of my employer will pay in to a non-German bank account.

From my experiences on secondment to Frankfurt cash really is still king there. Only found one place with contactless (a Coffee Fellows) and the Barista looked gobsmacked when I tapped my phone - apparently you can't actually add a German bank card to Apple/Android Pay, so little wonder she'd never seen someone pay by phone.

eDicky

Mackle wrote: »

I know a lot of expats end up using Deutsche Bank because it's a brand they've heard of, or Commerz-bank.

I know several German travelers who bank with DKB and are convinced that their debit card has no foreign fees. I'm not sure how true it is, regarding exchange rates, but it may be a good option for using your euros on trips to UK and elsewhere.