Barclays Bank to close UK accounts for British expats

[Confuscious]

The same thing is happening in many european countries.
My bank in Belgium (and many other banks) started with cutting of the possibilities of banking from a country outside of the European community.
And it is written on the wall that the next step will be to end the bank account for customers who have their residence address in a country outside the EU.
This is all within a plan to keep the population within the EU and control each individual more and more.

[Mike Teavee]

16 hours ago, twizzian said:

I believe that you’re right. Several months ago my Pension provider wrote to me telling me as I live abroad they are no longer allowing the services of my Financial Advisor of which I had already invested £3,000 for his continued service, They decline to explain their reasons.

That makes sense as your Financial Advisor is unlikely to be able to advise you properly if you’re non-UK Resident.

 

Simple example, a common recommendation would be to max out your ISA allowances, but non-UK residents (for Tax) are not allowed to open a new ISA or add funds to an existing ISA so he could be offering you advice that could cause you problems with HMRC. 

 

Edited September 26, 2023 by Mike Teavee

[No Forwarding Address]

On 9/24/2023 at 7:53 PM, Presnock said:

I had more than 35 years with BOA when they came out with that same notice, only I wasn't given 6 months to clear it all up.  Fortunately for me the state dept fed credit union along with Amer citz overseas allowed me to open an account with my Thai address.  I am not sure if someone wanted to open an acct and is

a foreigner if they can join the myriad of folks around the world that fit into your category.  If you check the SDFCU.org address, you will see the many different organizations if one is a member of, can open and acct with this bank.  So far after 3+ years, they have provided excellent service.  Not sure if that helps but can also let you bank legally.

Been with them for 30 years, never an issue...........

[lordgrinz]

On 9/25/2023 at 12:53 PM, Presnock said:

I had more than 35 years with BOA when they came out with that same notice, only I wasn't given 6 months to clear it all up.  Fortunately for me the state dept fed credit union along with Amer citz overseas allowed me to open an account with my Thai address.  I am not sure if someone wanted to open an acct and is

a foreigner if they can join the myriad of folks around the world that fit into your category.  If you check the SDFCU.org address, you will see the many different organizations if one is a member of, can open and acct with this bank.  So far after 3+ years, they have provided excellent service.  Not sure if that helps but can also let you bank legally.

I still have accounts with BOA, but I also have a house and mailing address in the USA. So for all practical purposes, they believe I live there, technically my brother does. I consider myself a guest here, not a resident of Thailand.

[747man]

19 hours ago, scubascuba3 said:

The person you asked is just a cog in the wheel, better to have a UK address

As I Said my Account is in my Friends Address which is in Devon U.K. So No Worries....

[747man]

16 hours ago, IslandLover said:

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".

Well Your Ex-Pat Network is WRONG, I'm with the Halifax which is part of The Bank of Scotland....

[chilly07]

That's why I have opened  an account with Wise in case my UK bank closes  my account despite having a UK address 

[dayo202]

13 minutes ago, 747man said:

Well Your Ex-Pat Network is WRONG, I'm with the Halifax which is part of The Bank of Scotland....

I'm also with the Halifax, they been good as gold so far...

Halifax sends me emails occasionally saying I'm qualify for a second credit card with them.

 

[747man]

2 minutes ago, dayo202 said:

I'm also with the Halifax, they been good as gold so far...

Halifax sends me emails occasionally saying I'm qualify for a second credit card with them.

 

But TRY & Get them to send it HERE.....NO F***ing Chance M8 !!

[dayo202]

1 minute ago, 747man said:

But TRY & Get them to send it HERE.....NO F***ing Chance M8 !! 

I agree,

I use a address in the UK.

[747man]

2 minutes ago, dayo202 said:

I agree,

I use a address in the UK.

Same Same M8, My Mate's in Devon.....

[kingstonkid]

23 hours ago, The Theory said:

Negative. 
American bank don't care where an American lives, but as long as there is a valid US address. I had been told that if I change my address to Thailand then I have to close my accounts. 

so same as Canada they don't care as long as they have he Canadian address.

[Mike Teavee]

3 hours ago, 747man said:

Well Your Ex-Pat Network is WRONG, I'm with the Halifax which is part of The Bank of Scotland....

& I have my mortgage with Virgin One (now part of NatWest) who wrote to me to ask me for my Thailand Tax information* so I’m assuming they’re ok with me keeping the account, but I do use a UK address for all correspondence. 
 

*The mortgage has a small credit on it so they pay me approx. £2 pa in Interest 

[IslandLover]

4 hours ago, 747man said:

Well Your Ex-Pat Network is WRONG, I'm with the Halifax which is part of The Bank of Scotland....

Why is my "ex-pat network" (I used that term loosely, it is just a group of British people who live in the same EU country as me) wrong?  Numerous people where I live had their British bank accounts closed post Brexit.  The Halifax was among the banks to do so.  HSBC and Santander (headquartered in Spain) were the only ones to still offer banking services to those with UK citizenship who did not actually reside in the UK.  This has caused a lot of problems for those affected - those with private pensions, mortgages, rental income etc. which had formerly been paid into their UK bank accounts.

 

Barclays, whom I used to bank with, have now decided to extend this idiocy worldwide.  No doubt other banks will follow suit.

 

 

[IslandLover]

19 hours ago, Paris333 said:

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!

Not true!  At least not where I live.  I have never once submitted my tax information to my bank in an EU country.  From time to time they will send you a compliance letter, to check that you are who you say you are and not some criminal involved in money laundering.  American Express does the same.

[david555]

2 minutes ago, IslandLover said:

Not true!  At least not where I live.  I have never once submitted my tax information to my bank in an EU country.  From time to time they will send you a compliance letter, to check that you are who you say you are and not some criminal involved in money laundering.  American Express does the same.

True,

but in my country Belgium the Banks  need  from June 30  2022 to deliver the balances of each 6 months to the national Bank of Belgium , only the total balances from each citizen not all details , so 30 June, 31 December 2022 and on ...., but strange enough reciprocal also for the year 2021 .....30 June & Dec. 2021

 

This as a decision from Gov.

[IslandLover]

4 minutes ago, david555 said:

True,

but in my country Belgium the Banks  need  from June 30  2022 to deliver the balances of each 6 months to the national Bank of Belgium , only the total balances from each citizen not all details , so 30 June, 31 December 2022 and on ...., but strange enough reciprocal also for the year 2021 .....30 June & Dec. 2021

 

This as a decision from Gov.

I don't think the banks are doing that here in NL but as you say, it is a government decision not an EU one.  I know that France, which is also in the EU, has a much tighter control over its citizens' finances.

[Jimjim1]

21 hours ago, chickenslegs said:

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

 

Slickest bank on the high street

if someone is clever enough to set up a website for people to vote on this 100,000 votes is all it needs to get it discussed in the house and given the hardships these banks are causing they may well be told by government to keep these accounts open.

There are millions of expats around the world so 100,000 votes is nothing.

The banks were recently forced to maintain ATMs on the streets which they wanted to discontinue to make us into a cashless society so they would not have to pay salaries to employees to fill and service these machines.

so with enough votes it is a serious possibility that they can be forced to maintain and service expat accounts.

[david555]

23 minutes ago, IslandLover said:

I don't think the banks are doing that here in NL but as you say, it is a government decision not an EU one.  I know that France, which is also in the EU, has a much tighter control over its citizens' finances.

Strange enough it was only 1 of my banks who  gave a message warning about this starting that time 

[mrfill]

15 hours ago, 747man said:

Well Your Ex-Pat Network is WRONG, I'm with the Halifax which is part of The Bank of Scotland....

Which is part of Lloyds Bank....

[Mike Teavee]

Delete 

Edited September 27, 2023 by Mike Teavee

[Presnock]

21 hours ago, lordgrinz said:

I still have accounts with BOA, but I also have a house and mailing address in the USA. So for all practical purposes, they believe I live there, technically my brother does. I consider myself a guest here, not a resident of Thailand.

Yessir, Thailand doesn't consider you a resident either but they sure do want every penny they can get out of (us) you.

[Presnock]

On 9/25/2023 at 1:04 PM, brewsterbudgen said:

I never even realised I could use my Thai address for my UK Lloyds bank account!  I've always used a family member's address for correspondence.  

The reason for the new bank rules, comes not from any official finance office of home country but from the

judicial (justice in USA) office whatever they may call themselves and originally was set up to tackle the money laundering schemes or non filers I think that is what I read anyway when they did it.  I could use my daughter's US address but don't want to ever have a possible problem with the Justice Department so I joined the SDFCU bank in the US and have had no more problems.

[Jaggg88]

On 9/25/2023 at 12:49 PM, fulhamster said:

My private pension provider will only pay to a UK based account.

What would my options be ?

HSBC/First Direct and Natwest are not closing accounts or simply use a Wise account.

[Polar Bear]

2 minutes ago, Jaggg88 said:

HSBC/First Direct and Natwest are not closing accounts or simply use a Wise account.

Natwest closed mine years ago for being non-resident. 

I wouldn't tell any UK bank I was non-resident now. Just because they are fine with it today, doesn't mean they will be fine with it tomorrow, and once they have that info, you can't take it back.

I have backup accounts with Starling and Wise, just in case.

[nomadinuk]

On 9/26/2023 at 4:40 AM, lordgrinz said:

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?

Some people don't plan ahead. Which is unfortunate for them. 

[George FmplesdaCosteedback]

HMRC can send the (frozen) State Pension payment overseas but many of us still have bills to pay in the UK so paying them will be a problem and double the exchange charges. I had intended to do 185/6 days and 180 days but with covid and the price of flights now it isn't so attractive. It also means paying for two properties year round. The "proletariat" as they see us, are being squeezed into boxes so they can control us more easily. 

[Sumiyoshicho]

On 9/26/2023 at 12:13 PM, dayo202 said:

Why no use mail management company.

I been with these ukpostbox.com for many years

https://www.ukpostbox.com

No reason not to.... 

Does the bank check the address?

[nglodnig]

Update: my account was going to be closed next month with Barclays but I neogtiated a "stay of execution" until next April.

Reason: I have a (small) pension now with Reassure, who take TWO MONTHS to send me a letter (because they can't use email, they're still using quill and parchment ????, the telephone is still a novel instrument for them ) which ironically originally was a pension from Barclays Life. This pays out every year February/March time. So my account (still to be confirmed) will not close until April next year. They are polling customers about to be "shut down" I suggest if you need to use the same approach.

[dayo202]

On 10/5/2023 at 12:11 AM, Sumiyoshicho said:

Does the bank check the address?

Not as far as I know.

I just login online and changed my address to the ukpost company.

I have a few Bank account all with different banks, no problems as yet.