Banks closing Ex Pat bank accounts

RetiredButNotDeadYet

Banks are closing Ex Pat bank accounts if you dont have a UK adress. Some pension firms wont pay pensions  into foriegn bank accounts, althought my state pension pays into my spoanish account. In my case I have a Barclays account that all my credit card direct debits go out of, and two of my pensions pay into it, because they wont pay into a forigen account. So if Barclays close that account im well up the swanee . I cant travel to the UK to finda bank that will open me an account with a Spanish Address

How do  i stand?  What can i do to avoid this catastrophe?

colsten

It's a well-publicised Brexit dividend................

https://forums.moneysavingexpert.com/discussion/6190187/brexit-expats-and-u-k-bank-accounts
https://forums.moneysavingexpert.com/discussion/6186992/lloyds-bank-close-uk-citizens-account-eus-in-eu
https://forums.moneysavingexpert.com/discussion/6184338/lloyds-closing-accounts

Thrugelmir

RetiredButNotDeadYet said:

Banks are closing Ex Pat bank accounts if you dont have a UK adress. Some pension firms wont pay pensions  into foriegn bank accounts, althought my state pension pays into my spoanish account. In my case I have a Barclays account that all my credit card direct debits go out of, and two of my pensions pay into it, because they wont pay into a forigen account. So if Barclays close that account im well up the swanee . I cant travel to the UK to finda bank that will open me an account with a Spanish Address

How do  i stand?  What can i do to avoid this catastrophe?

Santander operate in both the UK and Spain. 

London7766551

RetiredButNotDeadYet said:

Banks are closing Ex Pat bank accounts if you dont have a UK adress. Some pension firms wont pay pensions  into foriegn bank accounts, althought my state pension pays into my spoanish account. In my case I have a Barclays account that all my credit card direct debits go out of, and two of my pensions pay into it, because they wont pay into a forigen account. So if Barclays close that account im well up the swanee . I cant travel to the UK to finda bank that will open me an account with a Spanish Address

How do  i stand?  What can i do to avoid this catastrophe?

You need to perhaps close the UK credit cards as you don't live here anymore?

What reason did the pension place give for not paying into a foreign account?

The UK has been set to leave the EU for some time....

Ergates

RetiredButNotDeadYet said:

How do  i stand?  What can i do to avoid this catastrophe?

Do you have access to a time machine?

eskbanker

Ergates said:

Do you have access to a time machine?

Well, the poster before you went back eleven months to find the thread....

Marchitiello

I am pretty sure that UK banks have always offered “non resident” accounts, as I know few people that are directors of UK companies but are resident abroad and have UK accounts. I believe these accounts obviously are not free/carry a monthly fee, but I guess it is better then anything.. Alternatively, a Revolut account may do, to just get paid, exchange the money in Another currency and transfer it to a local bank account.

[Deleted User]

Banks closing Ex Pat bank accounts = UK Banks closing UK emigrants bank accounts.

sparklep0ny

Deleted User said:

Banks closing Ex Pat bank accounts = UK Banks closing UK emigrants bank accounts.

And they were probably in breach of the terms and conditions by maintaining UK addresses on their accounts anyway.

Some won't, sure, but I doubt that the banks would have been particularly happy with supplying their services to non-UK residents regardless of Brexit.

(And for the avoidance of doubt we seem to be in agreement.)

sparklep0ny

Marchitiello said:

I am pretty sure that UK banks have always offered “non resident” accounts, as I know few people that are directors of UK companies but are resident abroad and have UK accounts. I believe these accounts obviously are not free/carry a monthly fee, but I guess it is better then anything.. Alternatively, a Revolut account may do, to just get paid, exchange the money in Another currency and transfer it to a local bank account.

But the OP is clearly NOT a UK company director or they'd likely have the same special arrangements, wouldn't they?

Saying people should get paid into a Revolut account is laughable. It's very likely the company would not be happy paying into a generic prepaid card account given they won't pay it into a legitimate Spanish bank account.

Marchitiello

sparklep0ny said:

Marchitiello said:

I am pretty sure that UK banks have always offered “non resident” accounts, as I know few people that are directors of UK companies but are resident abroad and have UK accounts. I believe these accounts obviously are not free/carry a monthly fee, but I guess it is better then anything.. Alternatively, a Revolut account may do, to just get paid, exchange the money in Another currency and transfer it to a local bank account.

But the OP is clearly NOT a UK company director or they'd likely have the same special arrangements, wouldn't they?

Saying people should get paid into a Revolut account is laughable. It's very likely the company would not be happy paying into a generic prepaid card account given they won't pay it into a legitimate Spanish bank account.

I have mentioned company directors as I know them but the account is generally for people that needs a banking facility in the UK but live abroad, it does not require for one to be a company director. It is not a special arrangement account is a different type of account than the one you are used to. On this site many are quick to jump to conclusion based on limited experience … Check the many “international account” or similar. HSBC, Barclays and I am sure others have them.
it could be simply that the expat has properties in the UK for which he/she needs to be paid and thus the account will accommodate that.  

On the comment about Revolut, I am afraid but your comment is laughable… it comes with a UK sort code and account number and the company paying could not be bother less what account it is as they can use the Normal UK bank reference which is different then having to use a Spanish IBAN and thus use the “international payment options”…

sparklep0ny said:

Deleted User said:

Banks closing Ex Pat bank accounts = UK Banks closing UK emigrants bank accounts.

And they were probably in breach of the terms and conditions by maintaining UK addresses on their accounts anyway.

Some won't, sure, but I doubt that the banks would have been particularly happy with supplying their services to non-UK residents regardless of Brexit.

(And for the avoidance of doubt we seem to be in agreement.)

Again, complete misunderstanding of laws before and after Brexit: a EU citizen has the right to open a bank account in any member state, no matter if his/her permanent residence being in a different member state. Obviously the bank could have chosen to only offer basic accounts, but most UK banks did offer standard accounts to people that met their criteria. Now, after Brexit they are not obliged to offer that facility to EU citizen, hence the closing of the accounts.