Barclays to close UK accounts of all British expats . . . .

[TorquayFan]

I noticed this in the DT today.

"Expats who bank with Barclays are to be stripped of their accounts in a move that could leave some customers unable to access their savings and pensions. British people living abroad will no longer be able to hold a Barclays UK current or savings account, the lender said. The bank began a review of its international offerings in 2021 and is now writing to customers with a six-month warning" . . . .

. . . . "Professor David Barker, 89, said he set up his Barclays account more than 60 years ago, when he lived in Surbiton in Greater London, and that he moved with his wife Catherine to Australia in 1988. He uses the account to collect his English pensions and book royalties, as well as to pay direct debits to the Royal Artillery Club and two Cambridge colleges, on top of charitable donations and gifts for grandchildren.

The couple were shocked when they received a letter in April telling them their account would be closed. Prof Barker said his wife was told by Barclays staff when she travelled to Hertfordshire that they would be able to re-register with their daughter’s UK address. But earlier this week, he received a phone call from the bank explaining that the advice he had been given was wrong and that his account would be closed after all" . . . . .

. . . . . "A Barclays spokesman said: “We will no longer be offering personal current or savings accounts to retail customers with addresses registered with us outside of the United Kingdom, subject to limited exceptions. “We are contacting impacted customers to give them advance notice of this decision and explain the next steps they need to take.”

https://www.telegraph.co.uk/money/banking/barclays-to-debank-all-british-expats/

I am not with Barclays in the UK but IF my own UK bank a/c was taken away, it would cause a major problem for me - I guess that applies to others.

My own 'tactic' on this will be to keep my head down !

 

Edited September 23, 2023 by TorquayFan

[Eff1n2ret]

Already notified here:-

 

[TorquayFan]

OK thanks EFF. Nevertheless, being in the paper again today, I guess it's an ongoing policy. Quite alarming IMO

[bkk6060]

Britain seems to not like expats much.

[brewsterbudgen]

Always a good idea to keep a UK address (family member, friend) for your UK bank.

[TorquayFan]

Absolutely Brewster !

 

Fortunately I did just that . . . .

 

But the Bank could still 'spot' you were not UK resident from the activity on the account - that's what worries me.

[circa02]

Keep a UK address (friend, family, or rent an address - but not a PO BOX as its not accepted), and get a UK virtual number. If you're really paranoid use a UK VPN when using the online banking or mobile apps.

Edited September 23, 2023 by circa02

[brewsterbudgen]

15 minutes ago, TorquayFan said:

Absolutely Brewster !

 

Fortunately I did just that . . . .

 

But the Bank could still 'spot' you were not UK resident from the activity on the account - that's what worries me.

I was told, face-to-face, by my Lloyds Bank manager when I met with him last time I was in the UK visiting friends, that as long as the bank has a UK address for correspondence it would make no difference where was living.  

[Crossy]

18 minutes ago, TorquayFan said:

But the Bank could still 'spot' you were not UK resident from the activity on the account - that's what worries me.

 

Yeah, Barclays sussed me some years back.

 

Nationwide are still good ???? 

 

And, if needed I have Lloyds offshore (IoM) accounts in Sterling, Euros and Yankee Dollars.

[Eff1n2ret]

24 minutes ago, bkk6060 said:

Britain seems to not like expats much.

Yup, we're second class citizens - frozen pensions, jump through hoops to replace a passport, don't end up in a hospital if you're visiting the uk or the NHS will bleed you dry, although you're still paying as much income tax as if you were living there. And yet, if you read the comment columns of many newspapers, they regard anyone who goes to live abroad as traitors, deserving of nothing.

Nat West seems to have taken the lead in getting rid of their overseas customers, and Barclays is now following them. I don't really understand why, there's no law which compels them to do this. If there are extra costs involved in administering overseas customers I would hope that these are outweighed by keeping a hefty balance, as I do with my bank - but who knows what their policy is, they're so secretive.

[TorquayFan]

Brewster - re. your Lloyds Manager - that's reassuring of course. But the Bank can change it's policy as we are seeing from time to time. Good luck though.

[MJCM]

This is happening in some countries in Europe already since a couple of years, I think one of my Banks in Europe started doing this in 2016 already.

 

[OJAS]

1 hour ago, TorquayFan said:

But the Bank could still 'spot' you were not UK resident from the activity on the account - that's what worries me.

@elfpattaya's experience with his Santander account, as reported in the other thread referred to by @Eff1n2ret, clearly indicates that your concerns are not misplaced.

 

[digbeth]

1 hour ago, circa02 said:

Keep a UK address (friend, family, or rent an address - but not a PO BOX as its not accepted), and get a UK virtual number. If you're really paranoid use a UK VPN when using the online banking or mobile apps.

not PO box at the post office but rented ones from places like self storage, just looks like normal address or business address, some even scan the mails and have them email to you

[impulse]

2 hours ago, brewsterbudgen said:

Always a good idea to keep a UK address (family member, friend) for your UK bank.

Asking out of curiosity, and because I don't know the answer.  Not to make a judgement...

 

Is there any risk of being charged with a crime if it comes to light that you're using a false residence address for banking or (especially) for NHS purposes or for other benefits, as recommended by several guys on here?

 

[brewsterbudgen]

5 hours ago, impulse said:

Asking out of curiosity, and because I don't know the answer.  Not to make a judgement...

 

Is there any risk of being charged with a crime if it comes to light that you're using a false residence address for banking or (especially) for NHS purposes or for other benefits, as recommended by several guys on here?

 

It's not false address, it's a close family member's.  I can only speak for banking, but it's what my UK bank manager. advised me to do.  

[Polar Bear]

12 hours ago, TorquayFan said:

Absolutely Brewster !

 

Fortunately I did just that . . . .

 

But the Bank could still 'spot' you were not UK resident from the activity on the account - that's what worries me.

I've been worried about this since the Natwest closed my account. Now I have a 'main' account, that money gets paid into, and which I pay things like UK credit cards out of. I have another account with Starling (but Monzo, Revolut, Wise, would probably work just as well.) I transfer money into there, and any overseas spending or international transfers comes out of that account. There are few if any foreign transactions on my main account. If Starling decide they aren't happy about it and close the account, it will be inconvenient, but not a major hassle. I'll just switch to another one. It's also more secure if my spending account gets compromised. (My card was cloned here not long ago.)

[TorquayFan]

A Friend's experience - a few weeks ago, after 50 years with Barclays, he queried by email the non-arrival of his new debit card, and received this circular in return https://www.barclays.co.uk/important-information/living-outside-the-uk/#EEAresidents

 

And that was that !! I note that such closures apply to the credit card, current a/c, savings a/c, ISA, Home insurance, Bonds/deposits and loans. A shocker all round.

[stratocaster]

And then there is this.

Today Money Mail raises serious concerns around how easily banks have allowed fraudsters to set up accounts. We have obtained the details of 82 bank accounts opened by a criminal gang using fake IDs and counterfeit utility bills.
The list, which was compiled by police as part of an investigation into online fraud,
shows that the crooks managed to trick nine major High Street banks into letting them run accounts to carry out scams.

Almost half of the accounts were opened at HSBC, Nationwide allowed 13 accounts to be opened using fake IDs, while NatWest opened 12.

Barclays and Santander each had five accounts on the list,
Metro Bank was responsible for three and Halifax two. Lloyds and TSB each opened one.

[TorquayFan]

Yes Strato - scams, fake a/c's and laundering are all a problem. A separate problem.

 

Long term customers moving pensions around and so on are hardly a threat.

[Eff1n2ret]

22 minutes ago, stratocaster said:

And then there is this.

Today Money Mail raises serious concerns around how easily banks have allowed fraudsters to set up accounts. We have obtained the details of 82 bank accounts opened by a criminal gang using fake IDs and counterfeit utility bills.
The list, which was compiled by police as part of an investigation into online fraud,
shows that the crooks managed to trick nine major High Street banks into letting them run accounts to carry out scams.

Almost half of the accounts were opened at HSBC, Nationwide allowed 13 accounts to be opened using fake IDs, while NatWest opened 12.

Barclays and Santander each had five accounts on the list,
Metro Bank was responsible for three and Halifax two. Lloyds and TSB each opened one.

The banks should be trying to tighten up their security and stop these fraudulent accounts, but they are attacking the wrong target in treating bona fide British citizens who have held an account with them for some time as potential criminals or problem customers simply because they live abroad. I would be more worried than I am if the address that my bank held for me was not where I am actually living, as they must be prime targets for getting shut down if the bank decides to check up. My bank has had my current address in Thailand for the last nearly 14 years. I can't say I'm not a little worried that they will shut me down, but I don't feel like asking them in case that provokes them into doing so.

[Mike Teavee]

4 hours ago, TorquayFan said:

A Friend's experience - a few weeks ago, after 50 years with Barclays, he queried by email the non-arrival of his new debit card, and received this circular in return https://www.barclays.co.uk/important-information/living-outside-the-uk/#EEAresidents

 

And that was that !! I note that such closures apply to the credit card, current a/c, savings a/c, ISA, Home insurance, Bonds/deposits and loans. A shocker all round.

If you read the full article (Can get it here as Telegraph is behind a paywall https://uk.finance.yahoo.com/news/barclays-debank-british-expats-134809331.html?guccounter=1) - Barclays is saying that some people can keep their accounts... 

 

Under the latest closures, those with cash ISAs and fixed-rate bonds will be able to keep their accounts unless they live in Estonia, Italy, the Netherlands or Slovakia.

 

The same rule applies to mortgage and loan holders with the UK wing of the bank. However, existing home loan customers will not be able to remortgage when their term ends.

 

Crown employees and their spouses can also keep the accounts, and the bank will allow the account to remain open if the overseas address is for someone who manages the money, such as an accountant or lawyer.

[TorquayFan]

OK Mike - thanks for the correction. But if the Customer doesn't have an ISA, bond, mortgage or loan etc. - off with his head ! I'm guessing less than 5% of customers fall into those categories, so this remains IMO a swingeing and unnecessary stricture for 95%+ from Barclays.

 

While checking this out the above Barclays link, I noticed this condescending twaddle - "We’ll also make closing your accounts as simple as possible."

 

Very good of you I'm sure, you ivory tower b*stards ! (They didn't even advise my Friend in advance). Grrrr.

[Liverpool Lou]

23 hours ago, brewsterbudgen said:

I was told, face-to-face, by my Lloyds Bank manager when I met with him last time I was in the UK visiting friends, that as long as the bank has a UK address for correspondence it would make no difference where was living.  

But the OP is about Barclays, not Lloyds and the OP won't get a new Lloyds account if he's an non-UK resident expat.

[Liverpool Lou]

15 hours ago, brewsterbudgen said:

It's not false address, it's a close family member's.

It is a false address if it is not the address of the account holder!  Not a criminal offence, though.

[Liverpool Lou]

11 hours ago, Polar Bear said:

If Starling decide they aren't happy about it and close the account, it will be inconvenient, but not a major hassle. I'll just switch to another one.

You won't get another one to switch to if you've got to open it from Thailand with no UK details.

[noobexpat]

1 minute ago, Liverpool Lou said:

You won't get another one to switch to if you've got to open it from Thailand with no UK details.

I believe you can with Wise. 

[brewsterbudgen]

3 minutes ago, Liverpool Lou said:

It is a false address if it is not the address of the account holder!  Not a criminal offence, though.

I'm a teacher in Thailand.  As soon as I stop teaching and my work permit finishes, I may have to return home to the UK.  My sister's address is where I will live when (if) I return home, until I find somewhere for myself.  So, it's not a "false" address.

[TorquayFan]

Thanks Lou - did you get out on the wrong side today ? This is NOT a moaning thread - it's a potentially major problem for existing Barclay's customers !

 

I'm not with Barclay's myself but I sensed it might be an issue many years ago when I moved to Thailand. For good reasons, I kept my a/c at a UK address which has worked out fine so far. It would be pretty stupid to go looking for trouble on the point ! As it happens I have BKK and KT a/c's here.

[hotandsticky]

3 minutes ago, Liverpool Lou said:

It is a false address if it is not the address of the account holder!  Not a criminal offence, though.

It is not a 'false' address, it is termed a correspondence address in the bank's records.

 

I have two correspondence addresses with most of my banks.