News story: UK banks to shut thousands of British expats' accounts

retiredinfrance

Thanks Colsten. HSBC now top of my list. DAnske Bank says in their letter that they will help, so I'm going to ask for their help and see what happens . I use a transfer service akready,but thanks for the reminder. 

cydiane

I am a 77 yrs old Expat living alone in Cyprus.  I received a letter from the Cynergy Bank telling me  that my  UK account   is being closed  on 29 December. The letter was dated 23 October and  I didn’t receive it until   13 November.  After getting over the  initial shock  I  then spent hrs online trying to find an alternative bank  with whom I could open an account without a UK address and the only one that was willing  was HSBC. So  I applied online and received a response immediately.  I could have an account, but first I  would need to send them   certified proof  of my identity and original utility bills proving my address.  No problem I thought but how wrong I was. I ended up  sending  the documents 3 times once by data post  and twice by DHL, In all it cost me €145 which I can ill afford . The first wasn’t delivered because there was nobody available to sign for it  the second HBSC wouldn’t accept  as the name on the utility bills wasn’t  written the same as on my passport , the third was accepted   and On Tuesday December  15   I heard  that  the documents had been approved and my account was open,   but before I could use it  I would need to contact  Customer Care  and get it set up with passwords etc. The call centre is in  Manilla  with a UK number , I had to wait 30 minutes to speak to somebody  and then another 60 minutes trying to get the account set up before it could be completed the girl I was talking to disappeared so  I ended up having to call again and spend  another  90  minutes going through it all again.   Still I thought at least I have a UK account and all I have to do now  is get in touch with the DWP  and give them the details  for future payments and all will be fine. Again I was wrong when I gave the  DWP   the details I  was told  the system is not accepting the sort code so I gave her the Iban number and bic code  the system wouldn’t accept them either  So the lady  went and asked somebody who deals with the payments what could be the reason for this , she was told  its because the account I have is an online bank account and there  payment system is not set up  to  pay into online accounts so i suggest you have your  pension  paid into a bank account in Cyprus. !!!!  I also have 2 small pensions  and was told by both companies  that they don’t  pay into  online  accounts  and neither will they pay in euros into a Cyprus bank account,  the amounts  are too small.   I am  at a loss as to what I can do now, I need my pensions to live on. This whole thing has turned into a nightmare

colsten

The "can't pay into an online account" sounds complete nonsense but it might not be worth your while to chase this through. 

A Transferwise Borderless account might solve your issues, and definitely give you better exchange rates than banks do. Be aware, however, they are not a bank and don't have FSCS protection. You should fully verify the account before you start using it as otherwise your money might get locked.

jsmith9

I am new to this story - not been following it - so probably been answered before, but may I ask if you live in Cyprus why don't you have a Cyprus Bank account and have your money paid into that (apart from small amounts that they cannot pay because they are small)? Why do you need a UK bank account? Thanks.

colsten

jsmith9 said:

I am new to this story - not been following it - so probably been answered before, but may I ask if you live in Cyprus why don't you have a Cyprus Bank account and have your money paid into that (apart from small amounts that they cannot pay because they are small)? Why do you need a UK bank account? Thanks.

• Because some pension providers only pay into UK accounts
• Because you get much more for your money if you transfer it yourself

Having a UK bank account doesn't preclude an account in the country of residence.

cydiane

 Hi I do have a Cyprus Bank Account,  and the reason I want a UK is because of the  answer of the points you have made.

cydiane

I agree, I too think its  complete rubbish that the DWP cant pay into an Online Account. At first it was the sort code that wasnt recognized  then I  was told  oh its probably because you its an online account and it was there payment system that prevented them from paying into online accounts. Who would I need to get in touch with to chase it through

colsten

cydiane said:

I agree, I too think its  complete rubbish that the DWP cant pay into an Online Account. At first it was the sort code that wasnt recognized  then I  was told  oh its probably because you its an online account and it was there payment system that prevented them from paying into online accounts. Who would I need to get in touch with to chase it through

I wouldn't bother, I'd just get myself a Transferwise account. But if you have the time and energy:
First double-check that sort code can receive BACS payments 
If no (highly unlikely), raise a complaint with HSBC
If yes: Raise a formal complaint with the DWP. Make sure they give you a complaint reference number. Don't let them fob you off. All they need to do is add the HSBC sort code to their tables. BUT: don't expect to get this resolved any time soon.

cydiane

Thanks Colsten   your advice is much appreciated.   Will do as you have suggested. I am like a dog with a bone once I get started

J_B

cydiane said:

............ so i suggest you have your  pension  paid into a bank account in Cyprus. !!!!  I also have 2 small pensions  and was told by both companies  that they don’t  pay into  online  accounts  and neither will they pay in euros into a Cyprus bank account,  the amounts  are too small.   I am  at a loss as to what I can do now, I need my pensions to live on. This whole thing has turned into a nightmare

Yiasoo Diane

When we first opened an account with Laiki in CY (in 1996) we had a sterling account as well as two £CY (as it was then)

Does your CY bank not offer this service?

We are UK based so only have one B of C Euro account now