How will Brexit affect UK-based finances for Europeans?

mr_mm

Any information (or failing that, informed speculation) about how Europeans' finances in the UK will be affected by Brexit?

Eg. UK-based bank accounts, credit cards, loans and savings held by EU citizens, if (a) they're resident in the UK or (b) just have an account there.

[Deleted User]

If you don’t reside in the uk then you shouldn’t hold and account here regardless.

mr_mm

That doesn't apply between EU countries. I am asking how this is likely to change.

[Deleted User]

mr-mm,
I don't want to rain on your parade, but it is highly unlikely that anyone on the forum will be privy to any factual information that is any different than your own, re Brexit or not Brexit with or without deal.
Regards

[Deleted User]

Any money held in a UK bank but from a EU national will be forfeit. Any debt owed by an EU national but with a UK bank will become immediately due, with non payment meaning you will be arrested if you ever try to enter the UK. EU nationals will lose any UK property to the government.

colsten

!!! wrote: »

If you don’t reside in the uk then you shouldn’t hold and account here regardless.

Pardon? It is totally normal for non-UK residents (regardless of their nationality) having UK accounts. They may have some limitations on things like ISAs, and the ability to open new accounts, but keeping existing accounts is totally within the T&Cs, and the law. These limitations apply regardless of Brexit.

colsten

mr_mm wrote: »

Any information (or failing that, informed speculation) about how Europeans' finances in the UK will be affected by Brexit?

Eg. UK-based bank accounts, credit cards, loans and savings held by EU citizens, if (a) they're resident in the UK or (b) just have an account there.

These are totally reasonable questions to which nobody has any real answers yet.

Nobody has any answer to how the finances of British 'expats' will be affected, either.

All we know for certain is that the Pound has lost about 20% of its value since 2016. Depending on what transactions you are making, this can be good or bad news. It's pretty dire news for some of the British retirees on the continent, and for British holiday makers and importers, but it's better news for those exchanging Euros to Pounds. Shame we don't have much to sell

londoninvestor

mr_mm wrote: »

Any information (or failing that, informed speculation) about how Europeans' finances in the UK will be affected by Brexit?

Eg. UK-based bank accounts, credit cards, loans and savings held by EU citizens, if (a) they're resident in the UK or (b) just have an account there.

Is there currently any difference in bank accounts, credit cards, loans etc etc for, say, a French citizen living here compared to an Australian citizen living here? I can't think of any (but I might be wrong!)

If there's no difference between those situations now, then you wouldn't expect the French person's position to change after Brexit.

Ballard

!!! wrote: »

If you don’t reside in the uk then you shouldn’t hold and account here regardless.

What’s your reasoning behind this?

londoninvestor

mr_mm wrote: »

That doesn't apply between EU countries. I am asking how this is likely to change.

It's rare for a UK bank to offer a product that's open to residents of the non-UK EU, but not to other non-UK residents. (The Irish banks, however, do offer basic accounts to residents of the EU outside Ireland, but not to other non-Irish residents - so UK residents who hold those accounts may encounter some problems with Brexit.)

When you say "that doesn't apply between EU countries", what specific scenarios do you have in mind?

jonnygee2

Eg. UK-based bank accounts, credit cards, loans and savings held by EU citizens, if (a) they're resident in the UK or (b) just have an account there.

Eligibility for bank accounts is generally based on UK residency or UK non residency.

I can't see what difference it makes, from a retail banks perspective, if someone is a citizen of the UK, the EU, or Botswana. Either they are a UK resident or they aren't, that's all that matters and isn't going to change.