UK Banks closing accounts for EU Expats

[hotandsticky]

I believe this to relate to EU expats only, but I wonder if it might be the trigger to look at ALL expat accounts. Non-residents can no longer open UK mainstream bank accounts so it could be a logical step.

 

 

https://lifestylegroup.es/uk-banks-close-accounts-brits-spain/

[Kwasaki]

Been like that for years.

[hotandsticky]

6 minutes ago, Kwasaki said:

Been like that for years.

Not the account closures  -  and the ban on non-residents is only in 'recent' years.

[Gottfrid]

2 hours ago, hotandsticky said:

Not the account closures  -  and the ban on non-residents is only in 'recent' years.

So, if someone reply and post it has been like that for years, then you do not take that as recent years? Does it have to be ancient years?

However, I state the same. People with no resident address in their home country, has not been able to open accounts for years. Actually, same in most EU countries. Closures of accounts is just the next step, as they do not want the liability of dealing with the foreigner you become when you leave yoyour home country.

[Kwasaki]

3 hours ago, hotandsticky said:

Not the account closures  -  and the ban on non-residents is only in 'recent' years.

My bank will not take UK non-residents but made exception for me because I was an existing customer and they except my one and only address in Thailand.

 

Nationwide uk were the same but wanted me to keep a uk address.

 

Whatever uk banks do in the future who knows, if they do I will just have to make other arrangements.

 

[blackcab]

Off topic post removed.

[peterfranks]

Not only in the UK. I had my accounts by a certain bank in my home country closed last year because It lived in Thailand.

 

Another bank did the same around the same time.

 

I received a letter from my embassy where they asked everyone affected to file a claim, and that was the last I ever heard about.

 

Edit to add : I was a 30 year customer, and my address in Thailand was registered with them for many years as my official address.

 

I had a hard time opening a new account, because some didn't accept for the same reason, and others wanted to see me in person to open an account.

Edited July 15, 2022 by peterfranks

[hotandsticky]

2 minutes ago, peterfranks said:

Not only in the UK. I had my accounts by a certain bank in my home country closed last year because It lived in Thailand.

 

Another bank did the same around the same time.

 

I received a letter from my embassy where they asked everyone affected to file a claim, and that was the last I ever heard about

 

A good example.

 

Whilst that is not yet happening in the UK (for expats in Thailand) my point is that it MIGHT. 

 

I am pleased that I have my Wise account in place now.

[hotandsticky]

1 hour ago, Kwasaki said:

My bank will not take UK non-residents but made exception for me because I was an existing customer and they except my one and only address in Thailand.

 

Nationwide uk were the same but wanted me to keep a uk address.

 

Whatever uk banks do in the future who knows, if they do I will just have to make other arrangements.

 

From memory I think we both have HSBC accounts. They are the only UK bank who have my Thai address. I have 3 other bank accounts where they hold a UK address for me - ironically, one of them accepted my Thai phone number for OTPs.

 

At one point Nationwide were insisting that anyone with a none UK address were directed to Nationwide International.

[hotandsticky]

2 hours ago, Gottfrid said:

So, if someone reply and post it has been like that for years, then you do not take that as recent years? Does it have to be ancient years?

However, I state the same. People with no resident address in their home country, has not been able to open accounts for years. Actually, same in most EU countries. Closures of accounts is just the next step, as they do not want the liability of dealing with the foreigner you become when you leave yoyour home country.

This is about the UK. Nothing to do with 'liability', it is EU regulation. 

 

The concern is that it is only a short step to go to closure of all expat accounts. For UK expats in Thailand that may have serious implications for, say, pension payments. Several pension funds refuse to make payments to overseas bank accounts - JCB is just one example.

[Robin]

I had an account in UK with NWB for 40 year and carried on with it when I retired to LOS, keeping my UK address.  Last year, because of Covid travel restrictions, I had to change address to my Thai address so that I could receive a new Debit card, (usually i plan to be visiting UK when new card is due and get card at my registered UK address.

Now NWB has closed my account, but will not give any reason for this

Only by luck I was in UK when this happened, made no difference to account being closed, but I was able to open new account with both HSBC and Santander in UK.  Both assure me that i can continue with these accounts and change my address to Thailand.

I believe that UK rules are that you must be a UK resident, ( I spent years trying to become non-resident but now that does not offer me any advantages.  No longer qualify as I was in UK too long when Thailand was shut by Covid.)

However, I am still a UK taxpayer which satisfied Santander, so that is now my main  account.

After the way I have been treated by NWB, i would advise any UK expats here to check their status with their bank.

[hotandsticky]

2 hours ago, Robin said:

I had an account in UK with NWB for 40 year and carried on with it when I retired to LOS, keeping my UK address.  Last year, because of Covid travel restrictions, I had to change address to my Thai address so that I could receive a new Debit card, (usually i plan to be visiting UK when new card is due and get card at my registered UK address.

Now NWB has closed my account, but will not give any reason for this

Only by luck I was in UK when this happened, made no difference to account being closed, but I was able to open new account with both HSBC and Santander in UK.  Both assure me that i can continue with these accounts and change my address to Thailand.

I believe that UK rules are that you must be a UK resident, ( I spent years trying to become non-resident but now that does not offer me any advantages.  No longer qualify as I was in UK too long when Thailand was shut by Covid.)

However, I am still a UK taxpayer which satisfied Santander, so that is now my main  account.

After the way I have been treated by NWB, i would advise any UK expats here to check their status with their bank.

NAT West or Nationwide?

 

 

[Gottfrid]

5 hours ago, hotandsticky said:

This is about the UK. Nothing to do with 'liability', it is EU regulation. 

 

The concern is that it is only a short step to go to closure of all expat accounts. For UK expats in Thailand that may have serious implications for, say, pension payments. Several pension funds refuse to make payments to overseas bank accounts - JCB is just one example.

If it is something that is a rules in most European countries, it definitely has something to do with it. That, as it shows a pattern. 

The fact is that many banks in many European countries have the same system as UK. That is, you have to be a resident in the country with a registered address and pay tax in your home country. At the same time, there are always going to be some banks that allows accounts anyway.

However, as you point out, there might be a good thing for all to check with their banks and not just wait until they suddenly close.

[Kwasaki]

9 hours ago, hotandsticky said:

From memory I think we both have HSBC accounts. They are the only UK bank who have my Thai address. I have 3 other bank accounts where they hold a UK address for me - ironically, one of them accepted my Thai phone number for OTPs.

 

At one point Nationwide were insisting that anyone with a none UK address were directed to Nationwide International.

Well HSBC are worldwide and main head bank address is in Asia.

My UK bank is a member bank of HSBC if thats the correct thing to say called First Direct.

That good to hear that Nationwide help in that way.

I still would think my personal pension providers would not pay into Nationwide International because they will only pay my pensions into a UK bank.

[theoldgit]

29 minutes ago, Kwasaki said:

I still would think my personal pension providers would not pay into Nationwide International because they will only pay my pensions into a UK bank.

Both my pension providers, State and Civil Service, used to deposit my pension into Nationwide International until they closed their doors in, l think, 2017.

Both now pay into my account with Santander International.

No doubt most pension providers have their own rules, but there must be many expats in their fold who no longer have UK based accounts. Wise hasn’t been around for that long and it may not suit all.

[hotandsticky]

37 minutes ago, Kwasaki said:

Well HSBC are worldwide and main head bank address is in Asia.

My UK bank is a member bank of HSBC if thats the correct thing to say called First Direct.

That good to hear that Nationwide help in that way.

I still would think my personal pension providers would not pay into Nationwide International because they will only pay my pensions into a UK bank.

 

Things change!  Nationwide International became defunct in 2017.

 

HSBC UK are actually headquartered in Birmingham. HSBC globally are headquartered in London - in Canary Wharf.

 

Wise (Transferwise) have a UK sort code and account number so are acceptable to all UK pension providers.

[Kwasaki]

6 minutes ago, theoldgit said:

Both my pension providers, State and Civil Service, used to deposit my pension into Nationwide International until they closed their doors in, l think, 2017.

Both now pay into my account with Santander International.

No doubt most pension providers have their own rules, but there must be many expats in their fold who no longer have UK based accounts. Wise hasn’t been around for that long and it may not suit all.

I'm OK so far so I don't think about it and I was thankful for Wise to come along though makes thing so much easier at a smaller cost. 

[hotandsticky]

1 minute ago, Kwasaki said:

I'm OK so far so I don't think about it and I was thankful for Wise to come along though makes thing so much easier at a smaller cost. 

 

 

As a former employee of HSBC, I don't pay international transfer fees  -  it is still more cost-effective to transfer through Wise.

[Kwasaki]

13 minutes ago, hotandsticky said:

 

Things change!  Nationwide International became defunct in 2017.

 

HSBC UK are actually headquartered in Birmingham. HSBC globally are headquartered in London - in Canary Wharf.

 

Wise (Transferwise) have a UK sort code and account number so are acceptable to all UK pension providers.

I guess a lot was to do with Hong Kong being handed  back into Chinese hands and so the Headquarters moved to the obvious place. 

[hotandsticky]

2 minutes ago, Kwasaki said:

I guess a lot was to do with Hong Kong being handed  back into Chinese hands and so the Headquarters moved to the obvious place. 

HSBC bought Midland Bank for a song in 1992 and moved headquarters to London in 1993  (4 years before Hong Kong was to be handed back to China), moving into Canada Square,  Canary Wharf in 2002.

[OJAS]

14 hours ago, hotandsticky said:

I am pleased that I have my Wise account in place now.

Problem with Wise accounts, though, is that they are not covered by the FSCS £85k deposit guarantee scheme.

 

The following link includes a UK bank-by-bank account of the situation in the EU post Brexit:

 

https://www.moneysavingexpert.com/news/2020/11/eu-bank-accounts-closed-brexit/

 

Edited July 16, 2022 by OJAS

[hotandsticky]

9 minutes ago, OJAS said:

Problem with Wise accounts, though, is that they are not covered by the FSCS £85k deposit guarantee scheme.

 

The following link includes a UK bank-by-bank account of the situation in the EU post Brexit:

 

https://www.moneysavingexpert.com/news/2020/11/eu-bank-accounts-closed-brexit/

 

Fair comment, I would not consider Wise for storing capital - only regular transfers.

[OJAS]

15 hours ago, hotandsticky said:

Whilst that is not yet happening in the UK (for expats in Thailand) my point is that it MIGHT. 

In fact, it has already started happening here, at least as far as TSB are concerned according to this thread originated by @pontious

 

 

[hotandsticky]

1 hour ago, OJAS said:

In fact, it has already started happening here, at least as far as TSB are concerned according to this thread originated by @pontious

 

 

Wow! That is a concern as it is unrelated to the EU and specifically mentions Thailand.

[KannikaP]

18 hours ago, Kwasaki said:

My bank will not take UK non-residents but made exception for me because I was an existing customer and they except my one and only address in Thailand.

 

Nationwide uk were the same but wanted me to keep a uk address.

 

Whatever uk banks do in the future who knows, if they do I will just have to make other arrangements.

 

I changed my Nationwide UK address to my Thai one. No problems. Still keep my UK O2 phone number though.

The account gets regular payments from H**C, and regular withdrawals to Wise ! 555

Edited July 16, 2022 by KannikaP

[Kwasaki]

38 minutes ago, KannikaP said:

I changed my Nationwide UK address to my Thai one. No problems. Still keep my UK O2 phone number though.

The account gets regular payments from H**C, and regular withdrawals to Wise ! 555

I didn't have regular payments going in my NW a/c and when I wanted to renew my credit card they got a bit funny.  

I didn't need 2 bank a/c's once I had retired here anyway so I dump them but they still send statements in emails. ????

[KannikaP]

17 minutes ago, Kwasaki said:

I didn't have regular payments going in my NW a/c and when I wanted to renew my credit card they got a bit funny.  

I didn't need 2 bank a/c's once I had retired here anyway so I dump them but they still send statements in emails. ????

Nationwide just sent me a new Card reader and Debit card to my Thai address.

[Kwasaki]

37 minutes ago, KannikaP said:

Nationwide just sent me a new Card reader and Debit card to my Thai address.

Same for me with online banking First Direct they sent some years back a small lookerlike calculator for logging in.

[OJAS]

15 hours ago, hotandsticky said:

Wow! That is a concern as it is unrelated to the EU and specifically mentions Thailand.

And the supreme irony is that, according to the Money Saving Expert link I circulated yesterday, TSB had not (back in 2020 at least) formulated any specific plans for closing accounts held by EU expats!

[sandyf]

22 hours ago, Kwasaki said:

Well HSBC are worldwide and main head bank address is in Asia.

That is not true.

Following the decision to return Hong Kong to China the Hong Kong and Shanghai Banking Corporation relocated the headquarters to London as HSBC Holdings Ltd on the London Stock Exchange with the original HSBC becoming a subsidiary of HSBC Holdings Ltd. They built a new global HQ which opened at Canary Wharf in 2002.

When they first established in UK they took over the Midland bank to gain a high street presence, up until quite recently my account still had a Midland Swift code.