Barclays closed my current account - warning to other expats

Bostonerimus1

(Removed by Forum Team)

This is a rather callous analysis of the OP's issues. The OP had a perfectly good solution in place and Barclay's has changed the rules since they set it up. Pre planning for unknown future circumstances is a little much to ask of the customer IMO. 

The expat runs into some particular circumstances and cross-border bank accounts are often necessary for them to do what most people take for granted. I'm an expat and right now I'm considering a move back to Scotland and trying to navigate the issue of 2FA for my US financial accounts and banks from outside the US. Given the flood of stories similar to the OP's I will definitely keep 2 US bank accounts active and probably have 2 UK accounts if I move to Scotland just to keep my options open.

phillw

GeordieinAotearoa said:

I do remember seeing press articles last year about residents of the EU and EEA possibly losing their UK accounts as a result of Brexit, but have been completely unaware of any threat to the rest of the world (I'm in New Zealand).

I think when they were forced to allow you to move to Europe and still use your account, then it didn't make much difference to them wherever you were in the world.

The whole brexit thing meant they decided to just ditch everyone that had left the country, which is their right to do.
It's been discussed a lot.

GeordieinAotearoa

penners324 said:

Wise or Revolut or an HSBC global money account?

Unfortunately they don't function like a bank account so no.

GeordieinAotearoa

wmb194 said:

GeordieinAotearoa said:

Sharing this just in case anyone else gets caught out and ends up in the same situation as me.

Last week I discovered that Barclays had closed my current account. I only found out when I was contacted by my pension provider about a failed payment. I was completely shocked, having been a customer for 44 years. They were regularly sending me email alerts about statements being available to read, the last one being sent 3 weeks ago. I logged in to read it and everything was normal. No alerts, no warnings, no red flashing signs, nothing. Just the usual notifications about being on guard against scammers.

Barclays claim they have been sending me communications about the closure since February. I haven't seen them. Apparently letters are stored in a separate area from statements. Who knew? Not me.

As a result of the closure, not only have I lost access to my pension and my funds, but I can't get any of my personal data (balance, transactions etc - which I need for my tax return records). I don't have any other UK account and no other bank will give me one. Presumably for the same reasons that Barclays have made the decision to service the UK only and close all overseas accounts. I do remember seeing press articles last year about residents of the EU and EEA possibly losing their UK accounts as a result of Brexit, but have been completely unaware of any threat to the rest of the world (I'm in New Zealand).

I purposefully kept my UK account in order to receive my pension and also to service some personal affairs that I still have over there - my property, family gifts and cards, spending during my visits home, etc. So although I know there are options to have money transferred, I don't particularly want to. And I don't qualify for offshore accounts. It's all been a bit of a nightmare.

Thems the breaks and I suspect that I'd find it hard to open an account in New Zealand. Is your pension refusing to send the money abroad?

Have a look at whether HSBC can offer you something. It pitches itself as a global bank and these days appears to offer the widest range of options to expats.

Unfortunately they can't, but thanks for the suggestion.

GeordieinAotearoa

km1500 said:

yes it is annoying - it would presumably be equally difficult for me (living in the uk)  to get a current account in another country

Presumably yes. But what if the other country were the one you were born in, grew up in, paid tax to, and spent your career working for its public service? And which was happy to let you have a bank account for decades before pulling it without warning?

GeordieinAotearoa

phillw said:

GeordieinAotearoa said:

I do remember seeing press articles last year about residents of the EU and EEA possibly losing their UK accounts as a result of Brexit, but have been completely unaware of any threat to the rest of the world (I'm in New Zealand).

I think when they were forced to allow you to move to Europe and still use your account, then it didn't make much difference to them wherever you were in the world.

The whole brexit thing meant they decided to just ditch everyone that had left the country, which is their right to do.
It's been discussed a lot.

It may be their right, but there's a way of doing things properly.

GeordieinAotearoa

Ayr_Rage said:

I am very surprised you didn't also get emails saying something along the lines of "Important secure message regarding your account, please check your inbox"

Every bank that I use shows some sort of flag for unread messages both on the web login and app.

My feelings exactly.

GeordieinAotearoa

jaypers said:

This has all been well publicised and the rules for all UK Banks are clear. 

I disagree.

friolento

GeordieinAotearoa said:

penners324 said:

Wise or Revolut or an HSBC global money account?

Unfortunately they don't function like a bank account so no.

Wise does function like a UK bank account. It also gives you a more cost-effective way of exchanging money to other currencies. The only thind you don't get with Wise is FSCS protection.

Similar applies to Revolut but I would not recommend them since they seem to have persistent accounting issues.

GeordieinAotearoa

friolento said:

GeordieinAotearoa said:

penners324 said:

Wise or Revolut or an HSBC global money account?

Unfortunately they don't function like a bank account so no.

Wise does function like a UK bank account. It also gives you a more cost-effective way of exchanging money to other currencies. The only thind you don't get with Wise is FSCS protection.

Similar applies to Revolut but I would not recommend them since they seem to have persistent accounting issues.

OK thanks will look at them again, but I don't think my pension provider would accept them.