Opening new UK Bank Account as French Resident

Debra
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Re: Opening new UK Bank Account as French Resident

Post by Debra » Wed Jun 27, 2018 12:59 am

Depends what you want it for whether it will be totally useful yet, but if you open a Revolut account for exchanging pounds into euros (their rates are the current interbank rate and no charges so better than transferwise) they offer a UK and French bank account along with a visa card, totally free and set up in a couple of minutes. You can pay money into this account and use the Revolut card for paying for things in either currency and also for drawing cash from an ATM (up to 200 pounds or euros a month only, for the basic free card - more if you go for their premium card). They're working on getting direct debit payments set up on the UK accounts soon and I think they're already set up for French accounts. Exchanging currency and putting the money into other French accounts (not even sure I need another French account as they have direct debits set up but I'll keep my Boursorama account for now, since it's very efficient and free of charges) is really quick - much better than transferwise, who I thought were quick - and is free of charge up to a higher amount than I'll ever need.

I'm getting miffed with my bank (HSBC) who won't let me have an overdraft anymore since I separated from my ex and had to open a sole account (they wouldn't simply take his name off the existing account, which was originally mine), the excuse being I'm not UK resident (though I've had an overdraft with them on the joint account for the whole time I've been here). If I can't have an overdraft with HSBC and can't get a loan with them and direct debits become available on the Revolut accounts (as long as there is no charge) I really don't see the point of keeping the HSBC account open any longer - it's only a delaying step in getting my money over to here. I might leave it dormant or with a small payment going in as long as it remains a free account, just in case Revolut start charging, but I don't see why I should pay the majority of my money into HSBC when it doesn't benefit me at all.
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After the Storm (Wed Jun 27, 2018 1:01 am)

elsie
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Re: Opening new UK Bank Account as French Resident

Post by elsie » Wed Jun 27, 2018 11:35 am

Depending on what you wanted an account for, but I was also going to suggest Revolut. The only problem is they don't have a full banking licence so deposits are not covered by the European deposit guarantee (€100K?) in case it goes bankrupt. They have applied for a licence (in Lithuania) and also for a USA banking licence.

Leclairon
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Re: Opening new UK Bank Account as French Resident

Post by Leclairon » Wed Jun 27, 2018 1:28 pm

I will look into Revolut as well. I only want it to pay small amounts in but I had wondered if it was covered by the Financial Compensation Regs.

I now have a few options to look at - thanks again.

Soopy
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Re: Opening new UK Bank Account as French Resident

Post by Soopy » Wed Jun 27, 2018 8:11 pm

Both TSB and Lloyd’s offer basic accounts to EU residents.

pomme homme
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Re: Opening new UK Bank Account as French Resident

Post by pomme homme » Wed Jun 27, 2018 9:28 pm

Other than the NS&I accounts, if what you want is an interest bearing account don't even bother with the UK mainstream banks! My own bank - with which I've had a current account for nearly half a century - directed me to its 'overseas' operation, in Gibraltar, when I enquired about a deposit account. The 'deal' it offered me was one whereby unless I maintained a balance of several tens of thousands of pounds, I'd be paying it for the benefit of having the account - ergo I'd be better off leaving the money in the non-interest paying current account! And if I used it to invest several hundreds of thousands of pounds, the return it would generate wouldn't have funded much more than a Big Mac and Coke for my wife and I. Thus I told my bank, in appropriate terms, where it could stick its 'overseas' deposit account and ended up using a combination of Livret A and NS&I! Put simply, and despite the EU legislation, the UK banks just don't want non-UK residents' business and will put up no end of obstacles to avoid having to accept this.
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Archy (Thu Jun 28, 2018 10:36 am)

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bubbles1
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Re: Opening new UK Bank Account as French Resident

Post by bubbles1 » Wed Jun 27, 2018 10:05 pm

Oh I think your last comments are a little harsh. So far, in 22 years, I have never had a problem with accounts I need with my UK bank.
WE CAN ALL SEE THE STARS BUT ONLY SOME OF US SEE THE LIGHT :good:

exile
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Re: Opening new UK Bank Account as French Resident

Post by exile » Wed Jun 27, 2018 11:03 pm

But that is the difference between retaining accounts when you become non-resident; and opening an account after you have become non-resident.

pomme homme
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Re: Opening new UK Bank Account as French Resident

Post by pomme homme » Wed Jun 27, 2018 11:10 pm

Count yourself lucky, bubbles1. I'm not commenting. I'm stating facts. As exile says, there's a great deal of difference between maintaining accounts you had when you were UK resident and trying to open accounts when you're not UK resident!

Doug
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Re: Opening new UK Bank Account as French Resident

Post by Doug » Thu Jun 28, 2018 5:32 pm

Moh opened an account with Santander few months ago no probs.

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bubbles1
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Re: Opening new UK Bank Account as French Resident

Post by bubbles1 » Thu Jun 28, 2018 5:48 pm

pomme homme wrote:
Wed Jun 27, 2018 11:10 pm
Count yourself lucky, bubbles1. I'm not commenting. I'm stating facts. As exile says, there's a great deal of difference between maintaining accounts you had when you were UK resident and trying to open accounts when you're not UK resident!
Of course and I appreciate that but the post is about opening a UKbank account as a non-resident - hence my comment about RBS who were and still maybe offering this facility. The only problem I have had was with Abbey National Building Society. When I notified them of my late husbands death they closed the account with no notification and the first I heard was a letter saying they do not offer non-residents accounts and sent me a cheque for the balance of our account. This was despite the fact that they had our address in France for 20 months and corresponded with us here. But they are not a bank despite their pretentions to be one. I was totally left in the lurch by them so I rang my old bank in the UK RBS and explained the situation and they sorted me out straight away over the phone and I went into see them at the branch in the UK 5 months later. Maybe I was just lucky I dont know.
WE CAN ALL SEE THE STARS BUT ONLY SOME OF US SEE THE LIGHT :good:

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