Barclays closed my current account - warning to other expats

xylophone

OK thanks will look at them again,

https://wise.com/gb/blog/can-you-keep-your-uk-bank-account-abroad

Section62

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....

Have banks ever been "forced" to provide ongoing banking facilities to a customer?  (with the exceptions of protected characteristics discrimination and/or provision of a basic bank account in the UK)

friolento

GeordieinAotearoa said:

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.

If they do, challenge them. Wise give you a UK sort code which accepts BACS payments, which should be all that matters to them 

dunstonh

GeordieinAotearoa said:

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.

Many pension administrators will not accept payment services as a destination as they are not banks and do not have the regulatory permissions or protections that a bank offer.

LHW99

Would this be any use?

https://www.lloydsbank.com/international/products-and-services/current-accounts/international-account.html

GeordieinAotearoa

LHW99 said:

Would this be any use?

lloydsbank.com/international/products-and-services/current-accounts/international-account

Unfortunately I don't qualify for offshore accounts. Thanks anyway.

ToastLady

Revolut have opened in New Zealand now, albeit without a banking licence at the moment. Would it be possible to have your pension paid in there, and then you can whip it out to your own bank in New Zealand after currency conversion?

https://www.revolut.com/en-NZ/
Note that money is protected by a registered bank in NZ.

jaypers

Blame Brexit!

wmb194

jaypers said:

Blame Brexit!

Hah hah! Really it’s because post-GFC Barclays gave up on its global ambitions. HSBC’s still hanging in there though (well, not in New Zealand).

jaypers

wmb194 said:

jaypers said:

Blame Brexit!

Hah hah! Really it’s because post-GFC Barclays gave up on its global ambitions. HSBC’s still hanging in there though (well, not in New Zealand).

It is absolutely because of Brexit - https://international-adviser.com/how-expats-in-eu-are-getting-around-uk-bank-account-closures/