Brexit, Expats and U.K. bank Accounts

NottinghamKnight

Yahoo_Mail said:

I'm curious as to why these banks can't give accounts to people in the EU?

Does the Cayman Islands have passporting rights with the EU?  If they don't, why can EU citizens set up accounts there?  What about all the other countries that offer accounts to EU residents that don't have a treaty with the EU?  Possibly because they don't give a s**t and there's nothing the EU can do about it?

You've got that the wrong way round, people put their money into accounts in the caymans and other tax havens, they don't have branches in europe. The debate here is about banking facilities offered in country, the OP and others have uk accounts but uk banks seem to be considering mot operating any more in some or all eu countries.

colsten

Another newspaper article: https://www.theguardian.com/money/2020/sep/21/britons-eu-uk-bank-accounts-closed-lloyds-barclays-brexit

headers47

headers47 said:

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

Amazingly I had a response of sorts from her office. They say they will contact me again in the next 10 days. I wait to be amazed!

headers47

I have had a response from my pension provider about being paid directly into my non U.K. bank account. They have finally agreed that I can be paid into a foreign account. Their method of doing this is via HSBC who charge £4 per month but I wonder what sort of exchange rate I would get? Could be a costly but essential final resort!

colsten

headers47 said:

I have had a response from my pension provider about being paid directly into my non U.K. bank account. They have finally agreed that I can be paid into a foreign account. Their method of doing this is via HSBC who charge £4 per month but I wonder what sort of exchange rate I would get? Could be a costly but essential final resort!

Why don't you look at Transferwise? They don't have FSCS protection but this may be an acceptable risk if you don't keep money sitting in there for any length of time. They don't charge a monthly fee, and you are certain to get a lot more money in your target currency than you'd get with HSBC.

Transferwise don't mind where you live. They have both, a UK and an EU licence. You get a proper UK sort code and account number, and you can transfer to your target currency at the touch of a button.

https://transferwise.com/help/articles/2965898/what-does-brexit-mean-for-transferwise

SE20

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.

I've an elderly relative now living in the Irish Republic who's having kittens about the potential closure of his UK account (his pension gets paid into it). I just spoke to him about this Ulster Bank thing and he perked up, but while I was talking to him I suddenly noticed the date on the application form: it's July 2018, long before a no-deal Brexit was a distinct possibility. I just hope Ulster Bank don't pull the plug at the last minute.

headers47

SE20 said:

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.

I've an elderly relative now living in the Irish Republic who's having kittens about the potential closure of his UK account (his pension gets paid into it). I just spoke to him about this Ulster Bank thing and he perked up, but while I was talking to him I suddenly noticed the date on the application form: it's July 2018, long before a no-deal Brexit was a distinct possibility. I just hope Ulster Bank don't pull the plug at the last minute.

I think the Ulster bank closure isn’t imminent, but he will need to look at the other providers. I’m waiting for a response from NatWest as to whether we have a future with them or not. If it’s a private pension, perhaps contact them and see if they will pay in euros? I know that’s not ideal, but if it’s the last resort option at least he can get prepared.

colsten

headers47 said:

SE20 said:

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.

I've an elderly relative now living in the Irish Republic who's having kittens about the potential closure of his UK account (his pension gets paid into it). I just spoke to him about this Ulster Bank thing and he perked up, but while I was talking to him I suddenly noticed the date on the application form: it's July 2018, long before a no-deal Brexit was a distinct possibility. I just hope Ulster Bank don't pull the plug at the last minute.

I think the Ulster bank closure isn’t imminent, but he will need to look at the other providers. I’m waiting for a response from NatWest as to whether we have a future with them or not. If it’s a private pension, perhaps contact them and see if they will pay in euros? I know that’s not ideal, but if it’s the last resort option at least he can get prepared.

Asking a provider to pay in Euros is almost certainly giving you a bad deal. It would always be preferable to get paid in GBP, and to arrange the transfer yourself. 

As and when Starling Bank will open their operations in Dublin (planned but delayed by Covid-19), it should be possible to for Irish residents to have a fully protected set of GBP and Euro accounts. Until then, Transferwise might be an acceptable solution, if deposit protection is not an issue.

headers47

This is the response from CEO NatWest 
‘ I note that you are disappointed because none of my colleagues has confirmed our position with regard to customers living in the EU, but holding bank accounts with NatWest. I am sure that for some of our customers, leaving the EU, is causing worry and anxiety and I am sorry if our failure to clarify our position is frustrating.

 

All I can say is that at present, your account operating terms and conditions remain the same and we are not asking you to make alternative banking arrangements. I appreciate that this falls short of what you are asking us to confirm, but I can only confirm the position as it stands at present.’

colsten

That's helpful. Not.