Bank Account for expats

eskbanker

jonnygee2 wrote: »

Under FCA rules banks UK current account holders must be UK residents when they open the account. Hence the lack of products.

This is quite an important rule for the prevention of financial crime so I do not think you are going to get this changed anytime soon.

Do you have a verifiable source for these FCA rules?

Not only would they contradict the EU regulations that I linked further back, but a number of UK banks do offer current accounts to non-UK EU residents, such as https://www.tsb.co.uk/current-accounts/faqs/opening-a-current-account-non-uk-eu-residents/ and Co-op state EU residency (rather than specifically UK) in the criteria for their current account....

Anthorn

eskbanker wrote: »

Do you have a verifiable source for these FCA rules?

Not only would they contradict the EU regulations that I linked further back, but a number of UK banks do offer current accounts to non-UK EU residents, such as https://www.tsb.co.uk/current-accounts/faqs/opening-a-current-account-non-uk-eu-residents/ and Co-op state EU residency (rather than specifically UK) in the criteria for their current account....

According to the FCA:

A bank or building society will also check that you have not been refused permission to remain in the UK. If you do not have this permission you will not be able to open a new current account or add your name to an existing account.

https://www.fca.org.uk/consumers/opening-bank-account

So although I do agree that it contravenes EU regulations "permission to remain in the U.K." as an ID requirement implies having a U.K. address.

eskbanker

Anthorn wrote: »

According to the FCA:

A bank or building society will also check that you have not been refused permission to remain in the UK. If you do not have this permission you will not be able to open a new current account or add your name to an existing account.

https://www.fca.org.uk/consumers/opening-bank-account

So although I do agree that it contravenes EU regulations "permission to remain in the U.K." as an ID requirement implies having a U.K. address.

I read that section as referring to those who are about to be deported or who are in the UK without the relevant permissions, which would seem to be endorsed by the reference in the following sentence to checking with the Home Office.

I'm just pointing out that UK banks are currently offering accounts to non-UK EU residents and that this is compliant with EU regulations - I'm happy to be corrected if anyone actually comes up with definitive and clear evidence that the FCA prohibits this but I don't believe a reference to being refused permission to remain in the UK fulfils that. Apart from anything else, if UK residency was a regulatory prerequisite, it would be very straightforward for the FCA to specify that in clear language in an article about what's needed to open an account, rather than an oblique reference to being refused permission to remain in the UK....

JuicyJesus

There's clearly no regulation preventing EU residents from opening UK bank accounts, because it's offered to them by certain banks. However there's also nothing saying they have to open accounts for EU residents either - that falls under their legitimate commercial discretion.

I would definitely not expect it, though, and given that the OP clearly can have a UK bank account and can use an EU bank account for what he wants it for without much difficulty, I'm not sure what the issue is.

kidmugsy

fsalomon wrote: »

Hi,There seems a definite lack of accounts for expat who are currently living the other EU countries.

If you've spotted a gap in the market round up some pals and start a small bank to plug that gap. If you're right it should be pretty profitable.

Uxb

fsalomon wrote: »

There seems a definite lack of accounts for expat who are currently living the other EU countries. I fail to see why the UK banks do not want to open current accounts or savings accounts to people who do not reside in the UK.

Strange to report I don't want to sell items on eBay to foreign bidders countries either and have to rely on foriegn postal system and possible false claims of non receipt and unable to verify delivery
To much grief and hassle
There was a parallel thread a week ago and to repeat my comment. It's all aggro for the banks they can do without. To serve/send documents to you they have to rely on foreign postage/legal systems and you can hardly pop down to your local branch to verify your ID if required.

Anyway surely the international arm based in the Channel Islands of all the main banks will do what you want - at a cost of course.