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

callum9999

colsten said:

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.

This has nothing to do with being a fan or not. I despise the process but can happily admit when it produces benefits - likewise I would have no interest in fabricating negatives.

I still maintain that it's perfectly plausible that a bank losing a chunk of European business may no longer think it's viable to operate internationally at all. I don't know if you're both just reading something I haven't written, but if you disagree with that statement I'm happy to hear why.

NottinghamKnight

callum9999 said:

NottinghamKnight said:

callum9999 said:

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.

I'm not incredibly ignorant, and Brexit isn't a major global topic, it's a sideshow that may well have major impacts in the uk, certainly Ireland, and to a lesser extent the wider EU. 

Thrugelmir

callum9999 said:

colsten said:

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.

I still maintain that it's perfectly plausible that a bank losing a chunk of European business 

They don't do any business in those particular countries that's why they are taking the steps they are. Not all banks have international operations everywhere in Europe. Not do they have any wish too. Closing accounts is merely a by product of the way in which Financial Regulation operates. 

Some European banks will exactly the same problem with their own account holders. 

callum9999

NottinghamKnight said:

callum9999 said:

NottinghamKnight said:

callum9999 said:

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.

I'm not incredibly ignorant, and Brexit isn't a major global topic, it's a sideshow that may well have major impacts in the uk, certainly Ireland, and to a lesser extent the wider EU. 

I guess I'm just imagining the never ending news coverage in both non-EU countries I've lived in over the last few years, and literally the main topic of conversation thousands of people from hundreds of countries have wanted to talk about upon discovering my nationality?

Though you seem to be one of those people unable to actually read sentences as they're written - instead taking the gist and making up the rest. Where exactly did I say it would have "major impacts" on the globe? I said it was a global topic - completely different...

IanManc

callum9999 said:

NottinghamKnight said:

callum9999 said:

NottinghamKnight said:

callum9999 said:

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.

I'm not incredibly ignorant, and Brexit isn't a major global topic, it's a sideshow that may well have major impacts in the uk, certainly Ireland, and to a lesser extent the wider EU. 

I guess I'm just imagining the never ending news coverage in both non-EU countries I've lived in over the last few years, and literally the main topic of conversation thousands of people from hundreds of countries have wanted to talk about upon discovering my nationality?

Though you seem to be one of those people unable to actually read sentences as they're written - instead taking the gist and making up the rest. Where exactly did I say it would have "major impacts" on the globe? I said it was a global topic - completely different...

According to the United Nations there are 197 countries in the world, not hundreds.  🙂

callum9999

Thrugelmir said:

callum9999 said:

colsten said:

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.

I still maintain that it's perfectly plausible that a bank losing a chunk of European business 

They don't do any business in those particular countries that's why they are taking the steps they are. Not all banks have international operations everywhere in Europe. Not do they have any wish too. Closing accounts is merely a by product of the way in which Financial Regulation operates. 

Some European banks will exactly the same problem with their own account holders. 

I'd imagine not a single bank has operations everywhere in Europe - who are you thinking does? Though it should be obvious that by "business" I was including business conducted with residents and not solely local subsidiaries. You know, the exact topic we're talking about!

What on Earth does European banks having problems have to do with anything. It really looks like people are imagining a non-existent "anti-Brexit" argument and trying to defend against it...

It would be useful to get an argument against what I've actually said - scaling back operations in Europe could make them re-evaluate providing services to foreign residents at all - as opposed to answers that vaguely hint about what I'm talking about but are ultimately irrelevant. Perhaps my viewpoint is nonsense and there's a reason I'm unaware of as to why it's absurd for a bank to even consider that, but I'm not simply going to accept a proclamation that doesn't explain why!