BANKING AND THE ISLE OF MAN

CATHYJ1965

Me and my husband are planning to move to the Isle of Man next year, so I contacted our bank (Barclays) to see if we could transfer our account when we move, and we were told "No" apparently we would have to open a new account over there. I can't really see the reason why. As far as know the Isle of Man is a British Crown Dependency, and so I can't understand why the account cannot just be transferred I know they have stopped accounts for EEA countries, but the Isle of Man is not an EEA country. Confused.

parchedpeas

Isle of Man is financially separate from the UK because it's another country entirely. The banking rules are different, and they're overseen by a different financial authority.

Just open one when you're there. isle of man bank is basically their version of Nat West, for example.

https://www.iombank.com/personal.html

Or Barclays, here:

https://ciiom.barclays.com/personal-banking/current-accounts/

eskbanker

CATHYJ1965 said:

Me and my husband are planning to move to the Isle of Man next year, so I contacted our bank (Barclays) to see if we could transfer our account when we move, and we were told "No" apparently we would have to open a new account over there. I can't really see the reason why. As far as know the Isle of Man is a British Crown Dependency, and so I can't understand why the account cannot just be transferred I know they have stopped accounts for EEA countries, but the Isle of Man is not an EEA country. Confused.

If your approach to the move is based on an expectation that everything will be the same as the UK then it would seem prudent to do some more extensive research!

[Deleted User]

The IOM uses the UK banking system so you'll be able to use local ATMs and the account as normal if a bank allows you to retain it.

Here is a list of 'deposit takers' licenced by the Manx regulator; not all will be regular retail banks though.

Zanderman

eskbanker said:

CATHYJ1965 said:

Me and my husband are planning to move to the Isle of Man next year, so I contacted our bank (Barclays) to see if we could transfer our account when we move, and we were told "No" apparently we would have to open a new account over there. I can't really see the reason why. As far as know the Isle of Man is a British Crown Dependency, and so I can't understand why the account cannot just be transferred I know they have stopped accounts for EEA countries, but the Isle of Man is not an EEA country. Confused.

If your approach to the move is based on an expectation that everything will be the same as the UK then it would seem prudent to do some more extensive research!

Indeed. IoM is not in the UK. It's a self-governing country with its own parliament, rules, regulations and institutions. 

OP if you're moving there you should find out what the differences are, it's not the same as moving somewhere within the UK.

Daliah

CATHYJ1965 said:

Me and my husband are planning to move to the Isle of Man next year, so I contacted our bank (Barclays) to see if we could transfer our account when we move, and we were told "No" apparently we would have to open a new account over there. I can't really see the reason why. 

I don't know of any bank that would transfer your UK current account to another country. They might perhaps give you a reference if you need one to open an account in the other country but that will be it. 

What were you expecting from a transfer? 

Would you not benefit from keeping your UK account (assuming Barclays let you)?

wmb194

HSBC allows switches out from its IoM account to UK and CI accounts so perhaps it can handle switches in, too? Its IoM summary page isn't clear on this.

"Switching out of HSBC into another UK, Channel Islands or Isle of Man based financial institution?

We’ll send a list of your Direct Debits and standing orders to your new bank within 5 working days. We’ll transfer out the balance and close the account on the switch date agreed with your new bank."

https://ciiom.hsbc.com/current-accounts/switching-to-hsbc/

Sandtree

Daliah said:

CATHYJ1965 said:

Me and my husband are planning to move to the Isle of Man next year, so I contacted our bank (Barclays) to see if we could transfer our account when we move, and we were told "No" apparently we would have to open a new account over there. I can't really see the reason why. 

I don't know of any bank that would transfer your UK current account to another country. They might perhaps give you a reference if you need one to open an account in the other country but that will be it. 

What were you expecting from a transfer? 

Would you not benefit from keeping your UK account (assuming Barclays let you)?

It depends what the OP means by "Transfer", Citi used to do an account move if you relocated (before they changed their UK proposition) but that isnt like the UK switching service where DDs are moved to the new account etc but entitled you to their higher tier account in the new country despite lack of credit history there etc.

AmEx does similar on their higher tier cards but appreciate thats a charge card rather than bank account.

flo22

You can have an account in the Isle of Man with Barclays.  Following Structural Reform a few years ago your UK Barclays and IOM Barclays are separate banks.  Best practice would be to open IOM account, leave UK account open until you move.

surreysaver

I presume the OP also realises there is no NHS in the Isle of Man too?

Daliah

surreysaver said:

I presume the OP also realises there is no NHS in the Isle of Man too?

Though you couldn't blame Barclays for that.

Or if anyone did, they'd look a bit silly.