Brexit, Expats and U.K. bank Accounts

colsten

headers47 said:

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?

I think you are right. Unless there is an agreement on EU level (like there presently still is until 31 December), it's country by country.

As to finding out, I suppose it will be a matter of asking the respective banks. Did you investigate Ulster Bank any further?

headers47

from the Irish Times....

Ulster Bank ‘s U.K. parent NatWest is activiely considering winding down the lender in the Republic. The Northern Ireland Bank is unaffected.

brianposter

headers47 said:

from the Irish Times....

Ulster Bank ‘s U.K. parent NatWest is activiely considering winding down the lender in the Republic.

An interesting illustration of the buccaneering new Brexit world we are entering. Looks like Boris troops are not too keen on the battle.

wmb194

brianposter said:

headers47 said:

from the Irish Times....

Ulster Bank ‘s U.K. parent NatWest is activiely considering winding down the lender in the Republic.

An interesting illustration of the buccaneering new Brexit world we are entering. Looks like Boris troops are not too keen on the battle.

I think you might have jumped to a conclusion based upon your biases. I imagine the Covid situation has no doubt impacted it but from NatWest Group's most recent interim results Ulster Bank in the ROI appears to be tiny and unprofitable.

headers47

I am now considering moving to a jersey based bank as they appear to have foreseen the upcoming problems and have agreements in place with the eu and the U.K. or have I got that completely wrong?

wmb194

headers47 said:

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?

No, the same as it has worked up to now, they should be able to set-up a business somewhere in the EU and then passport its rights into other EU countries.

D3xt3r5L4b

headers47 said:

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?

What’s wrong with using a bank in your current country of residence?

Chino

D3xt3r5L4b said:

What’s wrong with using a bank in your current country of residence?

As the OP stated:

my pension provider will only pay my pension into a U.K. based sterling account.

headers47

I have written to the CEO of my U.K. bank to ask for clarification of their position.

headers47

This is the response from Transferwise 
https://transferwise.com/help/articles/2965898/what-does-brexit-mean-for-transferwise