UK BANK ACCOUNTS

[lmj52]

If it is only uk credit cards then why are folk being told they must close their accounts?? misleading

Originally it was only credit cards, unfortunately it’s also current accounts, Barclays confirmed this to me yesterday. The managers only had an email yesterday morning, but no timescales given. It may be that all banks will follow suit. I hope Santander will use their offices in Spain as a suitable way to continue to allow people to run their current accounts in the Uk
The licensing issue was one of the reasons I sold my interests in my financial services company as it was too expensive to continue and the compliance rules would not work in time. . A complete mess.

[lorrydriver]

If it is only uk credit cards then why are folk being told they must close their accounts?? misleading

[Tetley]

Apparently Transferwise has opened an EU Office in Belgium  so that should be one less

"Project Here Ball Ake "


for us all.....

Morning Dears  x

[Tetley]

https://www.iexpats.com/british-expats-unbankable-as-brexit-passports-set-to-end/


"British banks including Lloyds, Barclays and Coutts have started to send letters to expats warning them of the fast approaching deadline.

The move marks the end of ‘passporting’ for the banks. Passporting rules allow a licensed bank based in one European Economic Area (EEA) nation to offer services in other EEA countries as if the licence were granted there.

From January 1, British banks are stripped of that right and to continue trading in the EEA they must apply for a licence in each country where they provide services."

[speedycar]

We have friends in France and their account and card have been closed with Barclays

[mustang]

I will have 6 months from october after receiving the notice to close the account. This is the latest info from barclays today via phone call. mike

[Tetley]

All coming down the line . if Amazon goes there will be tears around here.!!

https://www.dailymail.co.uk/news/article-8752653/British-expats-Europe-stripped-UK-bank-accounts-weeks-post-Brexit-rules.html

Ali express job done   

[Johnny73]

All coming down the line . if Amazon goes there will be tears around here.!!

https://www.dailymail.co.uk/news/article-8752653/British-expats-Europe-stripped-UK-bank-accounts-weeks-post-Brexit-rules.html

[Tetley]

Thing is it looks like the banks have factored for a no deal translon end game

all there trying to do is make there customers aware and give customers the chance to make different arrangements or modify existing arrangements   ready for Jan 1


the next toe tapper will be import taxes ,ie bringing stuff into spain from the uk......

Amazon UK  i think has already advised its suppliers/traders  on this  whom supply goods from the uk into the EU....

[Johnny73]

Thanks for info Mike , good luck with it all.
I have to  go  "shopping """later .😂

[mustang]

Good morning Johnny. Hope you had a good weekend.According to many phone calls and text messages to barclays fb  chat  page .It is ALL BANK ACCOUNTS that do not have uk address.I am waiting for video call on wednesday for international banking as that seems to be the only route open to me .I have my uk pensions paid into my spanish bank and hope it will continue after britix. Regards Mike

[Johnny73]

Wonder how Mustang got on with his Bank last week on cancelled Barclaycard.???
As with anything Financial as Tetley  said and especially as the long goidbye is over in January  get qualified professional advice and not opinions on social media.

[Tetley]

I think the only problem is, when a person "pretends" to live in the UK and uses a UK address of their rental property, or one of their children's addresses for tax purposes.

They will catch up with you soon.  I hope!

there was always a problem....ie to open an account you had to be uk resident with utility bills  although in later years i think ex pats were allowed to open a simple current type account as part of EU Legislation for certain things ......(wich probably explains why they were happy to run existing accounts for Brits that have moved out of  uk into another member state )

to maintain an account  a passport and proof of address could sometimes be requested from a bank on a compliance check  as part of the banks" know your customer" procedures  however
most of the uk high street names provide ex pat/uk non resident offshore bank accounts for day to day use for people payed in uk pounds to maintain uk pounds wile not living in the uk.

the other thing is as well by maintaining money inside of the UK as a non UK Citizen could have UK Tax disadvantages ,ie statutory residency/habitual tax test ect  so sound advice is needed especially as one get older in to the twilight years  and there is a chance of leaving  part of an estate there  so very sound Pro current advice needed with this one.

all our lives will change from Jan 1 this is all just part of the prosses.

also before taking any lump sum money into the uk  thats been held outside of the uk take pro current  advice to check if there is a uk tax liability depending on your own personal circumstances .


a bit of uk info   https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt


also rember if you come under the modello 720 in spain  CHECK  that any account ads or changes must be listed and the 720 amended /re filled at the end of the tax year ie 31 dec end of march.

[webejamin]

I think the only problem is, when a person "pretends" to live in the UK and uses a UK address of their rental property, or one of their children's addresses for tax purposes.

They will catch up with you soon.  I hope!

You got it byrney

[byrney]

I think the only problem is, when a person "pretends" to live in the UK and uses a UK address of their rental property, or one of their children's addresses for tax purposes.

They will catch up with you soon.  I hope!

[Tetley]

its all same  governments shxte different. day.

folks will just have to adapt to the new system,

if folks want to hold/be payed in  uk pounds they will have to bank using an offshore provider,ie hsbc,nat west,santander,ex pats and pats have done this for years or on shore ie Revolute

and the visa will need to be done in euros using an EU Bank payed from uk pounds transfer wised to euros to pay the visa.


https://moneyfacts.co.uk/banking/offshore-bank-accounts/

https://transferwise.com/gb/borderless/

https://www.revolut.com/en-ES

[Karen4]

That's interesting, Chrissy. For accessing lump sums from private pensions in the UK we were told they had to be paid into a UK bank account, and were eventually able to open one after a great deal of pushing, as EU law states the right to have a basic bank account in a country where you are not resident. I'm not sure what the implications are now with the UK out of the EU though I'd have thought it would be reasonable to continue this...but who knows?!

[cgmaywood]

According to the news today it is also UK bank accounts.  I bank with RBS but have not heard anything from them so far

Chrissy

[Karen4]

So far it is only UK credit card services which are coming to an end, not bank accounts with debit cards.

[lorrydriver]

Can I ask what is the general feeling re having a uk bank account now. Banks are saying they will close accounts of ex-pats. I have a uk address and a private pension paid in to my uk account. State pension etc and all other dealt with here. I am aware many continue to have their pensions paid in to a uk account and then draw money here which is not a good idea as the uk get the highest going rate of euros to pounds but everyone makes their choice.