More UK banks plan to shut British expat accounts - MSE News

At least ten banks, building societies and credit card firms have now decided to close accounts held by Brits living abroad in Europe as a result of Brexit, MoneySavingExpert.com has found - with Nationwide and Co-op Bank among the latest to announce closures. We've full info below on what banks are doing, plus help on what to do if you're affected...

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'More UK banks plan to shut British expat accounts'

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  • I know this is about Brexit but what about expats living in the USA?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    One day possibly. 
  • tulip46 said:
    I know this is about Brexit but what about expats living in the USA?
    Their options are presumably limited already due to fatca and other legislation. 
  • colsten
    colsten Posts: 17,597 Forumite
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    tulip46 said:
    I know this is about Brexit but what about expats living in the USA?
    They clearly won’t be affected by Brexit.
  • phillw
    phillw Posts: 5,593 Forumite
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    edited 2 December 2020 at 12:59PM
    tulip46 said:
    I know this is about Brexit but what about expats living in the USA?
    If you have a UK address as well then it shouldn't make a difference.
    It's a business decision that the banks are making based on the additional costs that they will face by customers who have told them that they live in an EU country.
  • Zellah
    Zellah Posts: 303 Forumite
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    Another Brexit Brucie Bonus!
  • callum9999
    callum9999 Posts: 4,392 Forumite
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    edited 2 December 2020 at 3:30PM
    colsten said:
    tulip46 said:
    I know this is about Brexit but what about expats living in the USA?
    They clearly won’t be affected by Brexit.

    I don't know the process by which UK banks currently let US residents operate accounts, but it's entirely plausible that banks shutting down EU operations may decide it's not worth bothering with US residents either.

    Brexit impacts people outside the EU as well... There's a reason why it's become a major global topic. They might not be affected by Brexit, but that certainly is not "clear".
  • colsten
    colsten Posts: 17,597 Forumite
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    I am no fan of Brexit but it is a bit far-fetched to think the banking arrangements US residents may have with UK banks will be affected by it.
  • colsten said:
    tulip46 said:
    I know this is about Brexit but what about expats living in the USA?
    They clearly won’t be affected by Brexit.

    I don't know the process by which UK banks currently let US residents operate accounts, but it's entirely plausible that banks shutting down EU operations may decide it's not worth bothering with US residents either.

    Brexit impacts people outside the EU as well... There's a reason why it's become a major global topic. They might not be affected by Brexit, but that certainly is not "clear".
    You probably need to do  bit more research before commenting. The whole issue around US financial reporting has been problematic for a number of years, meaning the US can demand data from institutions that have accounts held by US persons, many threads on these boards and if you ever open an account there's specific questions regarding tax residency. If you are US tax reporting then many banks and financial institutions will refuse you an account, the large ones have us operations or interactions that mean that they are caught up in fatca and similar, but most smaller ones will refuse. Brexit isn't a major global topic, it's well down the list behind Covid, US/ China relations and many other problems.  
  • callum9999
    callum9999 Posts: 4,392 Forumite
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    colsten said:
    tulip46 said:
    I know this is about Brexit but what about expats living in the USA?
    They clearly won’t be affected by Brexit.

    I don't know the process by which UK banks currently let US residents operate accounts, but it's entirely plausible that banks shutting down EU operations may decide it's not worth bothering with US residents either.

    Brexit impacts people outside the EU as well... There's a reason why it's become a major global topic. They might not be affected by Brexit, but that certainly is not "clear".
    You probably need to do  bit more research before commenting. The whole issue around US financial reporting has been problematic for a number of years, meaning the US can demand data from institutions that have accounts held by US persons, many threads on these boards and if you ever open an account there's specific questions regarding tax residency. If you are US tax reporting then many banks and financial institutions will refuse you an account, the large ones have us operations or interactions that mean that they are caught up in fatca and similar, but most smaller ones will refuse. Brexit isn't a major global topic, it's well down the list behind Covid, US/ China relations and many other problems.  
    Given I already know that, and nothing I said contradicts it, I have no idea what I'm meant to be "researching". In fact, I didn't even say that Brexit does impact it - merely that it's not "very clear" that it doesn't...

    If you genuinely believe Brexit isn't a major global topic then you're incredibly ignorant.
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