Barclays closed my current account - warning to other expats

wmb194

jaypers said:

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/

I'm sorry, you're going to have to spell out to me how it's relevant to the OP in New Zealand and Barclays outside the EU. The article you've linked doesn't explain it to me.

Edit: And Barclays used to have continental Europe EU subsidiaries but post-GFC it closed most (all?) of them so of course it no longer has local banking licences.

Gers

There's an article in today's The Times about this very subject - a man in NZ complaining of Barclay's closing his account.  It's behind a paywall so I'm not sure if it's easily accessible.

PS  - there's another article about a customer in Spain with the same problem -

"Eventually the couple opened an account with Wise, but the pension company initially refused to make payments into it because Wise is not a bank.

But after Soffe explained that it had been impossible to set up a UK bank account, the pension company agreed and back-paid the missed payments."

poseidon1

Gers said:

There's an article in today's The Times about this very subject - a man in NZ complaining of Barclay's closing his account.  It's behind a paywall so I'm not sure if it's easily accessible.

PS  - there's another article about a customer in Spain with the same problem -

"Eventually the couple opened an account with Wise, but the pension company initially refused to make payments into it because Wise is not a bank.

But after Soffe explained that it had been impossible to set up a UK bank account, the pension company agreed and back-paid the missed payments."

Seems to me the parsimonious actions of UK banks in this regard will drive more and more business to Wise, who have been developing their foreign currency services over the years to provide the useful banking services the UK banks are now abandoning. 
One really has to admire the entrepreneurial prowess of the Estonian founders of Wise in establishing their cost effective  international cross border money movement offering, but be aware that since they are not an actual bank funds deposited with them does not benefit from FCA protection.

Update: UK Wise customers enjoy a 'safeguarding' arrangement whereby customer funds are held at third party level either with Barclays or Citibank, separate and distinct from Wise's own monies.

wmb194

poseidon1 said:

Gers said:

There's an article in today's The Times about this very subject - a man in NZ complaining of Barclay's closing his account.  It's behind a paywall so I'm not sure if it's easily accessible.

PS  - there's another article about a customer in Spain with the same problem -

"Eventually the couple opened an account with Wise, but the pension company initially refused to make payments into it because Wise is not a bank.

But after Soffe explained that it had been impossible to set up a UK bank account, the pension company agreed and back-paid the missed payments."

Seems to me the parsimonious actions of UK banks in this regard will drive more and more business to Wise, who have been developing their foreign currency services over the years to provide the useful banking services the UK banks are now abandoning. 
One really has to admire the entrepreneurial prowess of the Estonian founders of Wise in establishing their cost effective  international cross border money movement offering, but be aware that since they are not an actual bank funds deposited with them does not benefit from FCA protection.

Update: UK Wise customers enjoy a 'safeguarding' arrangement whereby customer funds are held at third party level either with Barclays or Citibank, separate and distinct from Wise's own monies.

*FSCS. And if you opt for the 'interest' option your money is placed in a Blackrock money market fund in the relevant currency (might only be EUR, GBP and USD).

horsewithnoname

Is there a NZ bank that offers accounts to immigrants?

GeordieinAotearoa

wmb194 said:

jaypers said:

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

I'm sorry, you're going to have to spell out to me how it's relevant to the OP in New Zealand and Barclays outside the EU. The article you've linked doesn't explain it to me.

Edit: And Barclays used to have continental Europe EU subsidiaries but post-GFC it closed most (all?) of them so of course it no longer has local banking licences.

Barclays actually told me that it was because of Brexit. Something to do with changes in cross-border financial regulation as a result of our leaving the EU.

GeordieinAotearoa

horsewithnoname said:

Is there a NZ bank that offers accounts to immigrants?

I have bank accounts in NZ. I was looking to keep a sterling account in the UK to manage my affairs there.

GeordieinAotearoa

poseidon1 said:

Gers said:

There's an article in today's The Times about this very subject - a man in NZ complaining of Barclay's closing his account. 

PS  - there's another article about a customer in Spain with the same problem -

"Eventually the couple opened an account with Wise, but the pension company initially refused to make payments into it because Wise is not a bank.

But after Soffe explained that it had been impossible to set up a UK bank account, the pension company agreed and back-paid the missed payments."

Seems to me the parsimonious actions of UK banks in this regard will drive more and more business to Wise, who have been developing their foreign currency services over the years to provide the useful banking services the UK banks are now abandoning. 
One really has to admire the entrepreneurial prowess of the Estonian founders of Wise in establishing their cost effective  international cross border money movement offering, but be aware that since they are not an actual bank funds deposited with them does not benefit from FCA protection.

Update: UK Wise customers enjoy a 'safeguarding' arrangement whereby customer funds are held at third party level either with Barclays or Citibank, separate and distinct from Wise's own monies.

Thanks, appreciate the insight. I admire Estonia in so many ways. Such a forward-looking country.

GeordieinAotearoa

Gers said:

There's an article in today's The Times about this very subject - a man in NZ complaining of Barclay's closing his account. 

PS  - there's another article about a customer in Spain with the same problem -

"Eventually the couple opened an account with Wise, but the pension company initially refused to make payments into it because Wise is not a bank.

But after Soffe explained that it had been impossible to set up a UK bank account, the pension company agreed and back-paid the missed payments."

Thanks, I was able to read it. That person's situation is very similar to mine. I'm definitely considering a complaint to the ombudsman, on the basis of their utterly inadequate communication.

GeordieinAotearoa

jaypers said:

Blame Brexit!

I do! Barclays said as much.