Barclays (UK) don't want expats?

[radiochaser]

On 5/11/2018 at 9:50 AM, oldwelshman said:

I recently spoke to Barclays as I heard about banks ditching expats. They assured me as long as my account is "active" they will not close it. Maybe your friends had funds in it but it was dormant?

Would be funny if they ditched me as I would not be able to repy the mortgage I have with them lol

I know this thread is about Barclays, so this is a little off topic perhaps.  

I have house I rent here in the U.S..  The state requires I keep the deposit in a bank savings deposit account.  That account is attached to a checking account that is active with deposits, payments and such.   

 

That bank recently sent a letter telling me that the savings account was dormant.  There has been no activity in the account for 6 years and the bank was going to close the account.  

 

That may have been the issue.  A non-active account.  

 

[cyberfarang]

If you are not resident in the UK, then you`re not entitled to an onshore account.

 

You have to open an offshore account and if Barclays, what they call Barclays Wealth, you need £25000 to open an account and if going under £25000, they will close the account

 

Problem is, they don`t want us any more. They`ll close our accounts now given the slightest excuse to do so. Many UK offshore accounts are now insisting on £100000 to open accounts with them.

 

I louvre and detest the banks, but can`t think of any ways to escape using the banking systems.

[Bangkok Barry]

3 hours ago, cyberfarang said:

If you are not resident in the UK, then you`re not entitled to an onshore account.

 

Yes and no. I've lived in Thailand for around 25 years and have been allowed to keep my HSBC account, even with them having my Thai address on file. That extends to several months ago having to complete a Self-Certification form, signed by a lawyer, confirming details they already held for me. Having an overseas address has never been an issue, unlike with my Barclaycard Visa account.

It seems there are 'grandfathering' rights. If you held an account before then you can keep it, but if you want to open a new account then you can't.

[orientalist]

6 hours ago, cyberfarang said:

Problem is, they don`t want us any more. They`ll close our accounts now given the slightest excuse to do so. Many UK offshore accounts are now insisting on £100000 to open accounts with them.

 

I louvre and detest the banks, but can`t think of any ways to escape using the banking systems.

 

If you just want the basic functionality of a current account, try Monzo (a real bank) or the Transferwise Borderless Account.

[Oxx]

15 minutes ago, orientalist said:

 

If you just want the basic functionality of a current account, try Monzo (a real bank) or the Transferwise Borderless Account.

 

Monzo is currently only available to UK residents.

 

Transferwise Borderless Account is not covered by the FSCS compensation scheme, so there is a risk you could lose all your money.

[orientalist]

That's what Monzo told me, but then after they told me to reinstall the app I was able to sign up without specifically stating that I was UK-resident or tax-resident. My account details show my "home address" as in the UK and my tax-residence as Thailand.

[oldwelshman]

20 hours ago, cyberfarang said:

If you are not resident in the UK, then you`re not entitled to an onshore account.

 

You have to open an offshore account and if Barclays, what they call Barclays Wealth, you need £25000 to open an account and if going under £25000, they will close the account

 

Problem is, they don`t want us any more. They`ll close our accounts now given the slightest excuse to do so. Many UK offshore accounts are now insisting on £100000 to open accounts with them.

 

I louvre and detest the banks, but can`t think of any ways to escape using the banking systems.

This is not true, I called them to enquire about offshore account and they told me no need as I have my UK account and as long as it is active it is ok. Offshore account is for expats wishing to open an new account if they don't have one.

[VBF]

On 5/20/2018 at 3:15 AM, Oxx said:

 

Monzo is currently only available to UK residents.

 

Transferwise Borderless Account is not covered by the FSCS compensation scheme, so there is a risk you could lose all your money.

And, FYI, offshore accounts in Jersey, IoM etc aren't covered by the FSCS compensation scheme either

 

Isle of Man banks are protected by the Isle of Man Depositors' Compensation Scheme.

"The Depositors’ Compensation Scheme coverage is largely in line with similar schemes in place in Guernsey and Jersey. The main feature of the scheme is that personal depositors are covered for up to £50,000 of their savings with any Class 1(1) licensed deposit taker. Most other categories of depositor (companies, trusts etc) are covered up to a maximum of £20,000 but only for deposits in Class 1(1) licenceholders."

 

Jersey banks are protected by the Jersey Depositors' Compensation Scheme.

"The Depositors Compensation Scheme is operated by an independent body. It provides individual depositors with protection for up to £50,000 in the event that a Jersey bank should fail."

 

Google for more info, as ever

 

Oh and @cyberfarang these people Nedbank will open a Focus account with a minimum of £50,000 (that was where I found the info above). I've found them very helpful over the years

Edited May 21, 2018 by VBF

[Jip99]

Getting money out of Jersey after 5he death of the account holder should also be looked at - it is a pain!