Brexit, Expats and U.K. bank Accounts

headers47

As an EU resident, I have retained my U.K. bank account as my pension provider will only pay my pension into a U.K. based sterling account. Many people are receiving letters saying their accounts will be closed as from end Nov 2020 also Credit Cards are being closed. National Savings have also stopped their international payments facility so that withdrawals have to be paid into a U.K. bank account or a bankers draft. It’s difficult to find out which banks will continue to support non resident bank accounts after 31/12/2020. Can you help please?

DCFC79

Have you considered Monzo or Starling ?
Maybe a bank who have euro account might be useful.

colsten

DCFC79 said:

Have you considered Monzo or Starling ?
Maybe a bank who have euro account might be useful.

Starling would be ideal but you cannot, at present, have a Starling account unless you are a UK resident. This should change as and when Starling have a licence in Ireland, which is their intention but there is no date for it.

I don't know about Monzo but they don't have a brilliant reputation and I wouldn't trust them with my pension.

Ulster Bank NI seem to be all set up for providing bank services for EU residents. They are part of the Natwest Group and the account should be easy enough to open remotely. https://digital.ulsterbank.co.uk/personal/current-accounts/eu-residents-hub.html

I am not sure whether you can continue to have a UK credit card if you are not a UK resident.

EULinda

I have this exact same issue. I received a letter from Lloyds Bank late last week saying my current account will be closed at the beginning of November. Even for non-pensioners this is a big deal: had I, for example, been forewarned about this I would have made completely different financial decisions when I left the UK. Now, just as the pound is extremely low against the EUR, I am being left with no option but to transfer my savings. Why is there not more outrage about this? Why is this necessary? Are banks entitled to just close our accounts with only just over a month's notice? Does anyone know of any banks of building societies that are not doing this? 

headers47

EULinda said:

I have this exact same issue. I received a letter from Lloyds Bank late last week saying my current account will be closed at the beginning of November. Even for non-pensioners this is a big deal: had I, for example, been forewarned about this I would have made completely different financial decisions when I left the UK. Now, just as the pound is extremely low against the EUR, I am being left with no option but to transfer my savings. Why is there not more outrage about this? Why is this necessary? Are banks entitled to just close our accounts with only just over a month's notice? Does anyone know of any banks of building societies that are not doing this? 

I am sure that at least one of the big five has done the necessary to continue operating in the EU, but I am trying to find out more. Lloyd’s are definitely pulling in their horns, it appears HSBC will continue, but do they want the little folk or will their accounts only be available to wealthier clients. I don’t think you need to xfer just yet, but time is running short to find an alternative regulated supplier.

colsten

EULinda said:

 Does anyone know of any banks of building societies that are not doing this? 

It's one of those Brexit dividends.

The passporting arrangements end on 31/12/2020 and banks have obviously run out of hope that any replacement deal will be agreed in time for them to review & modify their processes, which need to comply with the legal requirements.

colsten

I keep posting this link. So far, nobody has come back and said this doesn't work, so I assume it does work. Would be nice if someone could report back with their experience.

headers47

The Ulsterbank thing is the same as the NatWest statements.  They aren’t committing themselves about what they’ll do after 31/12 and are awaiting govt advice. That’s the problem. Time is ticking by and we need to know which way to jump and no one will help us to decide.

Shakin_Steve

colsten said:

I keep posting this link. So far, nobody has come back and said this doesn't work, so I assume it does work. Would be nice if someone could report back with their experience.

Just followed your link and been through the requirements. Seems simple enough.

colsten

headers47 said:

The Ulsterbank thing is the same as the NatWest statements.  They aren’t committing themselves about what they’ll do after 31/12 and are awaiting govt advice. That’s the problem. Time is ticking by and we need to know which way to jump and no one will help us to decide.

I don't think it's the same at all. Ulster Bank do have an EU licence and as such should be legally entitled to provide banking services to EU residents. I don't believe Natwest have an EU licence as they never needed one in the last 40 years because of passporting.

headers47

colsten said:

headers47 said:

The Ulsterbank thing is the same as the NatWest statements.  They aren’t committing themselves about what they’ll do after 31/12 and are awaiting govt advice. That’s the problem. Time is ticking by and we need to know which way to jump and no one will help us to decide.

I don't think it's the same at all. Ulster Bank do have an EU licence and as such should be legally entitled to provide banking services to EU residents. I don't believe Natwest have an EU licence as they never needed one in the last 40 years because of passporting.

I think the U.K. banks will need a licence in EACH country they want to operate in. But how do we find out who is licenced to operate where?