Barclays Bank to close UK accounts for British expats

[Jimjim1]

10 hours ago, daveAustin said:

would suggest transferring to a real bank. ????

Absolutely correct, you can be 100% sure that this particular bank will alway DUMP it loyal customers especially if it is not making at least 30% from your money.

I had almost 30 years of business dealings with them and you would not believe the dirty tricks they tried to play on me, from dumping my account and money in a non active account so they could seriously reduce the 1% interest they paid on my money to trying to change the interest terms and agreement by using the tiniest very very feint printed word trusting that I would not see it or be able to read it, but my eyesight is 100% and a printers magnifiers glass confirmed what I was reading, and when I confronted them about it they could not back track fast enough and they never tried it again.

 

I only have a credit card with them now with infrequent use and immediate pay off the moment it is due so I expect that to go soon because they must be really p- - - -d off about it.

 

Lets face it they are not exactly losing on these accounts just look at the charges for transferring YOUR money

[pelagicpete]

NatWest is the problem now.

[nomadinuk]

Imagine the thousands of people who only have this account. Don't have an address in the UK, at the very least will need to be in the UK to open another account. This will destroy many expats, particularly the ones who are barely scraping by at it is in a state pension. Finding the funds to fly back to the UK to open another account won't be possible for many. The clock is ticking. 

[nomadinuk]

9 hours ago, Tropicalevo said:

A good friend banks (banked?) with Barclays.

They keep contacting him and telling him that he must close his account.

His response is always  'No. I do not want to close it.'

Followed by  'if you want it closed, you close it and I will respond appropriately.'

He will get the shock of his life then, when they do eventually close it, won't he. Or maybe not such a shock.

[nomadinuk]

8 hours ago, hotchilli said:

I gave up on Barclays 10 years ago... 

Do you think it will only be Barclays.

[chickenslegs]

When Barclays informed me that my accounts would be closed (after over 40+ years of being in credit and having a regular income) I was livid. I had an authorised available overdraft of 8,000 GBP which I never used, so I was tempted to withdraw my balance and max out my overdraft, and let them go to the expense of clawing it back - probably not even possible.

 

I immediately went to my online banking app and found that my authorised overdraft had been reduced to 10 GBP.

 

 

 

 

 

 

 

[IslandLover]

9 hours ago, Goat said:

Probably a result of the Brexit.

I see the economy is tanking similar to Russia's.

England the only country in history where the people actually voted to have sanctions placed on themselves.

Barclays and some other banks (Lloyds, NatWest etc.) closed accounts of Brits residing in the EU a couple of years back.  The reason was Brexit.  The banks never bothered to take out the required banking licences to continue to do business in the EU.  Now Barclays is extending this worldwide, unless you have a "global" (usually offshore) account with them, but you have to maintain a balance of £100,000 at all times to avoid the monthly charge of £40.

 

I'm told by fellow expats that HSBC and Santander are the only high street banks in the UK which continue to allow Brits resident abroad to maintain accounts.

 

 

[IslandLover]

10 hours ago, Expat68 said:

Will see what happens to my HSBC account!! Mine is an account especially for people living outside of the UK, opened before I left the UK. They still know I have a house in UK

You should be OK.  HSBC and Santander are the only two High Street banks in the UK which have continued to allow Brits not living in the UK to bank with them.

[IslandLover]

8 hours ago, robertson468 said:

Try HSBC.  I bank with them and find them very good - up to now!

HSBC and Santander are the only two UK High Street banks which continue to allow non-UK residents to bank with them, according to my "expat network".

[IslandLover]

7 hours ago, HK MacPhooey said:

Nothing to do with Brexit - if anything these repressive international banking rules (that assume we're all drug dealer and money launderers) probably were introduced by and thrust upon the UK by the unelected EU dictators. Unfortunately the Remoaners throughout all the British Government, Establishment and Civil Service are doing all they can to put the UK back into the EU      

It was due to Brexit initially when several UK banks (including Barclays) closed the accounts of Brits resident in the EU a couple of years ago.  This was because the banks concerned never bothered to get the required banking licences to do business in the EU.  Only HSBC and Santander did.  Banking compliance regarding money laundering etc. is a separate issue entirely.

[Arthur Mullard]

9 hours ago, Purdey said:

I send them proof of address in Thailand, not the UK. It seems to satisfy them. The evidence is signed by my lawyer in English. It included my bank statement and a letter from my Singapore Bank.

Had the account over 40 years and been in Thailand over 36 years. They always write to my Thai address if they need to contact me.

If Halifax ever decides to close the account, I will get them to send the money to a Thai bank.

Is the Thai bank option as secure as the Singapore one?

[JoseThailand]

11 hours ago, Goat said:

England the only country in history where the people actually voted to have sanctions placed on themselves.

Russians voted for Putin too. Now they got what they voted for.

[Paris333]

Banks in the European Union formally require depositors to update their personal data every year according to the law.This means that depositors submit to the Banks all their tax information and the Tax Return of each year.

Ηave you heard Communist of New York? This is Russia European States!

Edited September 25, 2023 by Paris333

[NanLaew]

7 hours ago, Red Forever said:

We in UK elect our government at General Elections every 5 years. If we see that this elected government are not up to the job then we have a chance to kick them out after said 5 year term.

...but have failed miserably at exercising that right for over eleven years already. In fact, "we in the UK" have been a stellar example of serial electoral failure every couple of years since 2015.

[NanLaew]

2 hours ago, pelagicpete said:

NatWest is the problem now.

Why so coy? Since this UK banking malaise isn't unique to Barclays, please post your experience with NW.

[Nick Carter icp]

21 minutes ago, NanLaew said:

...but have failed miserably at exercising that right for over eleven years already. In fact, "we in the UK" have been a stellar example of serial electoral failure every couple of years since 2015.

What you mean is that the political party that you support, did nt win the election .

   You think that its a "failure" because you lost , the winners will have a different opinion 

[Polar Bear]

20 minutes ago, NanLaew said:

Why so coy? Since this UK banking malaise isn't unique to Barclays, please post your experience with NW.

Not the original commentor, but Natwest closed my account years ago (8? I'm not sure exactly) when I stupidly told them I was living overseas. 

[Purdey]

4 hours ago, Arthur Mullard said:

Is the Thai bank option as secure as the Singapore one?

I tend to spread my money into as many banks and bonds as I can so as to lower risk. I believe the government savings bank here is a bit more reliable than most banks as it is backed by the government and guarantees 100% of my money, unlike commercial banks.

Having seen banks collapse in the past, I don't think any are particularly secure, in whichever country you deposit it. 

Edited September 25, 2023 by Purdey

[Bangkok Barry]

18 hours ago, DGS1244 said:

maintain a UK address at all costs its not rocket science 

Not everyone can 'maintain' a UK address, for any number of reasons.

[Tropposurfer]

19 hours ago, Goat said:

Probably a result of the Brexit.

I see the economy is tanking similar to Russia's.

England the only country in history where the people actually voted to have sanctions placed on themselves.

yep the stellar destroyer Murdoch and that vile far right Farage and his mates did a real 'job' on the British people, aided and abetter by a totally partisan self-serving upper class politicians raping the people every day, day in day out (the lowest class actually!). 

[Tropposurfer]

Banks: Massive profits per annum, closing and reducing face to face services offshore to further increase profits at massive service quality losses.

If you have the population lulled into a trancelike state where raping them financially year in year out is 'normalised' who objects.

Add to this the State enabling such institutions because they are empowered and funded by such top-end-of-town economic giants and we the People get right-royally reamed.

[hotandsticky]

17 minutes ago, Tropposurfer said:

Banks: Massive profits per annum, closing and reducing face to face services offshore to further increase profits at massive service quality losses.

If you have the population lulled into a trancelike state where raping them financially year in year out is 'normalised' who objects.

Add to this the State enabling such institutions because they are empowered and funded by such top-end-of-town economic giants and we the People get right-royally reamed.

 

Live with it, and chill out.

 

 

It is not a new phenomenon.

[brewsterbudgen]

12 hours ago, yang123 said:

Please list them here.

TIA

Most have already been mentioned in the thread (HSBC, Santander, Revolut).  I bank with Lloyds and they are fully aware I've been living and working in Thailand since 2005, although I do still have a UK address for correspondence.

[transam]

13 hours ago, quake said:

Yes.

But he is the Master of Baiting..

Got to hand it to him.

But he always runs away after being tackled.....????

[quake]

1 minute ago, transam said:

But he always runs away after being tackled.....????

Maybe someone gets his goat. 

[dayo202]

2 hours ago, Bangkok Barry said:

Not everyone can 'maintain' a UK address, for any number of reasons.

Why no use mail management company.

I been with these ukpostbox.com for many years

https://www.ukpostbox.com

No reason not to.... 

[Hamus Yaigh]

12 hours ago, pelagicpete said:

NatWest is the problem now.

What problem now?

[lordgrinz]

12 hours ago, nomadinuk said:

Imagine the thousands of people who only have this account. Don't have an address in the UK, at the very least will need to be in the UK to open another account. This will destroy many expats, particularly the ones who are barely scraping by at it is in a state pension. Finding the funds to fly back to the UK to open another account won't be possible for many. The clock is ticking. 

Why would you put all your eggs in one basket? Why would you not have multiple accounts, and just switch funds between them when something like this happens?

[Road Warrior]

22 hours ago, Geordieabroad said:

It's already happened, in April Barclays informed me i had till August 30th to take my balances to zero and close my accounts which i obviously did. A nice thank you from Barclays after 35 years of banking with them

poor attitude of Barclays .never had a good reputation in the past  , i left them some 10 yrs ago 

[brewsterbudgen]

10 minutes ago, Road Warrior said:

poor attitude of Barclays .never had a good reputation in the past  , i left them some 10 yrs ago 

I agree.  I thought most people stopped banking with Barclays when they refused to pull out of apartheid South Africa in the 1970s.