Banking in Austria. New job?

ceewash

Some advice please for my son. He has a new job in Austria and I have just read that UK banks are informing customers they will no longer be able to service accounts after the end of the year if there is no banking deal post Brexit. Anyone know anything about this. Should he open an Austrian bank account as soon as he gets there (next month)? 

wmb194

ceewash said:

Some advice please for my son. He has a new job in Austria and I have just read that UK banks are informing customers they will no longer be able to service accounts after the end of the year if there is no banking deal post Brexit. Anyone know anything about this. Should he open an Austrian bank account as soon as he gets there (next month)? 

Yes, he should. It's always sensible to have a local account. We don't know the extent of the problem yet. Some banks are only hinting it might be a problem and if it is is may only affect certain countries e.g., at the moment it appears to only be affecting Lloyds customers in the Netherlands and possibly one other EU country. To cover a few bases, if I were him I'd open current accounts with a few of the big, British banks before leaving, and particularly HSBC. It likes to tout itself as an international bank so the odds of problems with it when living abroad might be smaller.

ceewash

Is that as well as an Austrian bank? He is currently with First Direct.

inxs

I would also consider opening the Metrobank current account before leaving, as they charge no fees for currency withdrawals and purchases in Europe. They have a "refer a friend" program, so your son could also make an easy £50... there is a referral board somewhere on this forum if you're looking for referral links. 

That way he wouldn't need to exchange any existing GBP, he can just use the Metrobank account there at low cost. Also a good way for you to send him money if needed. 

wmb194

ceewash said:

Is that as well as an Austrian bank? He is currently with First Direct.

I don't know its specific operations in Austria but it tends to have fingers in pies everywhere. First Direct is a brand of HSBC's - it uses HSBC's UK banking licence - so that base should be covered. If he was feeling a little naughty a not uncommon thing to do before leaving for abroad is to register accounts at a friendly address, often parents', and not mention to the bank that you've moved abroad.

colsten

Will your son no longer have a UK address? As long as he has one, he has no problem holding a UK bank account. He should, however also have a Euro account, as he will need Euros for day-to-day living in Austria, and also for his salary (unless he gets paid in GBP?). He can try a local bank, or he could apply for.a Starling Bank GBP and Euro account (available only to UK residents). It is a way better account than the Metro one mentioned above. https://www.starlingbank.com/

born_again

wmb194 said:

ceewash said:

Is that as well as an Austrian bank? He is currently with First Direct.

I don't know its specific operations in Austria but it tends to have fingers in pies everywhere. First Direct is a brand of HSBC's - it uses HSBC's UK banking licence - so that base should be covered. If he was feeling a little naughty a not uncommon thing to do before leaving for abroad is to register accounts at a friendly address, often parents', and not mention to the bank that you've moved abroad.

Which will come unstuck when all the spending is out of the UK....

wmb194

born_again said:

wmb194 said:

ceewash said:

Is that as well as an Austrian bank? He is currently with First Direct.

I don't know its specific operations in Austria but it tends to have fingers in pies everywhere. First Direct is a brand of HSBC's - it uses HSBC's UK banking licence - so that base should be covered. If he was feeling a little naughty a not uncommon thing to do before leaving for abroad is to register accounts at a friendly address, often parents', and not mention to the bank that you've moved abroad.

Which will come unstuck when all the spending is out of the UK....

It shouldn't if you also get a local account and primarily use that day-to-day. You also need to keep your UK mobile number. In this situation a dual SIM phone is helpful.

colsten

Wasn't it all so easy when we were part of the EU.

wmb194

colsten said:

Wasn't it all so easy when we were part of the EU.

Even whilst in the EU some banks would close your accounts when you moved countries intra-EU. This happened to me, and not with British banks either.

colsten

wmb194 said:

colsten said:

Wasn't it all so easy when we were part of the EU.

Even whilst in the EU some banks would close your accounts when you moved countries intra-EU. This happened to me, and not with British banks either.

There is absolutely zero doubt, or evidence, that is was easier than it is now to move around 28 countries, whether with bank accounts or other matters, whilst we were part of the EU.