NS&I are closing their international payments service.

elsie
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Re: NS&I are closing their international payments service.

Post by elsie »

From the link I gave earlier https://www.finder.com/uk/revolut-review
Revolut isn’t officially a bank yet, but is well on the way to becoming one. At the end of 2018, Revolut got a European banking licence from the European Central Bank but the licence isn’t fully operational yet, and depends on a series of tests and improvements Revolut is currently working on.

Once this phase is over, the UK regulator, the Financial Conduct Authority (FCA), will lift the restrictions on Revolut’s licence, the company will be able to call itself a bank and it could roll out new features such as overdrafts. At that point, customers’ money would get extra protection (see “Is Revolut safe?”).

And from the Revolut blog site https://blog.revolut.com/business-what- ... -business/
But Revolut has a banking license, right?
That’s true! In 2018, we were granted an EU banking licence by the European Central Bank. But, confusing as it may seem, that still doesn’t make us a bank. We still intend to acquire a UK banking license in the future, as well as licenses in many of the other regions in which we operate. Revolut Business is expanding all the time, into new regions, in the products and partnerships we offer and in banking accreditation.

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Re: NS&I are closing their international payments service.

Post by Fitter »

Moving swiftly on from Revolute - V- Transferwise:-

If you need or want to open a savings account in the UK try the Expat Skipton International account- unlikely as it sounds.

https://www.skiptoninternational.com/of ... s-accounts

Based in Guernsey so your money is protected up to only £50k per person I seem to remember.

We haven't got an account with them but looking into it.
There are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns—the ones we don't know we don't know.

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Re: NS&I are closing their international payments service.

Post by Headers »

This is some background information on guernseys position wrt the eu countries.
This could be a very useful way out of banking difficulties if I can persuade my pension provider to pay my
Pension to a Guernsey based account. I will write and ask them.
I will also check that I could move money from the guernsey based bank via transferwise to my French account.
Not sure if there any tax treaty implications of this. But would be another bank account to put on a 3916!

https://www.careyolsen.com/briefings/wh ... and-jersey

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Re: NS&I are closing their international payments service.

Post by elsie »

I think there might be a minimum £10,000 deposit to open the International Select Access Plus savings account although it does look as though it can go below that but then no interest paid.

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Re: NS&I are closing their international payments service.

Post by Fitter »

elsie wrote:
Fri May 22, 2020 5:36 pm
I think there might be a minimum £10,000 deposit to open the International Select Access Plus savings account although it does look as though it can go below that but then no interest paid.
I'll have to have a look down the back of the sofa in that case, might have to include the other two chairs and the pockets of all my old clothes as well! :lol:
There are known knowns; there are things we know we know. We also know there are known unknowns; that is to say we know there are some things we do not know. But there are also unknown unknowns—the ones we don't know we don't know.

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