What to do with UK bank accounts and credit cards if migrating
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A friend of ours opened an account with Nationwide for a year while she's here, and she was expressly told that after the account was opened she was welcome to keep it open for whatever reason even after she'd left the UK, so long as she kept her address up to date.
Honestly I'd say that there's no real harm in keeping the account open so long as your address is kept up to date and you keep tabs on the account - this may also help if, say, you need to receive some money from the UK - Faster Payment then withdrawing in cash or spending on card overseas may well work out cheaper than a foreign transfer fee. Obviously this depends on the individual bank's policies.urs sinserly,
~~joosy jeezus~~0 -
If the OP is worried about a transparent credit history/identity maintained across all borders then the recent hacking of Equifax in the US/(UK ?) could be a solution.
J_B.0 -
Joe_Bloggs wrote: »If the OP is worried about a transparent credit history/identity maintained across all borders then the recent hacking of Equifax in the US/(UK ?) could be a solution.
What I'm worried about, is I move abroad, close all my UK accounts off and come back home again, I'd be starting off with no history and I'd like avoid that my keeping my record open.
Also, thinking about it, it would be useful to have a UK account that I can use whilst I'm visiting the UK as well since I'd be periodically coming back to visit family, so presumably I could transfer from my DE account to my UK account, and what I don't use transfer back again after my visit.0 -
What I'm worried about, is I move abroad, close all my UK accounts off and come back home again, I'd be starting off with no history and I'd like avoid that my keeping my record open.
Also, thinking about it, it would be useful to have a UK account that I can use whilst I'm visiting the UK as well since I'd be periodically coming back to visit family, so presumably I could transfer from my DE account to my UK account, and what I don't use transfer back again after my visit.
I'd endorse this. I worked abroad for a number of years and kept a UK bank account and a credit card open for just these reasons. I used them a couple of times a year when visiting family and friends. I also knew I was very unlikely to leave the UK permanently and would most likely return. In the event when I did I could pick up my financial life seamlessly. Good luck with your new position.0 -
I'm not going to cite every U.K. bank but the main problem with a U.K. bank account if you relocate overseas is if you have an overdraft. Barclays Bank for example provides services for customers who are relocating overseas. But due to its lending policy it will not agree further credit.
http://www.barclays.co.uk/help/international/accounts/moving-abroad/
In theory a citizen of any E.U. country is entitled to a basic bank account in any E.U. country. In practise though that doesn't always apply to U.K. banks.
http://europa.eu/youreurope/citizens/consumers/financial-products-and-services/bank-accounts-eu/index_en.htm
But of course we are leaving the E.U. although E.U. laws are to be moved to U.K. law.0
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