NS&I are closing their international payments service.

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

Post by Simonflys »


Spardo

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

Post by Spardo »

Mrs Archy wrote:
Tue May 19, 2020 11:46 am
Headers wrote:
Mon May 18, 2020 8:11 pm
Thankyou for the red flag.
This is a serious blow to my back up banking arrangements in case of a no deal Brexit changing our eligibility to hold U.K. bank accounts when not U.K. resident.
I've been hanging on to this in my book marks just in case - I haven't looked into it so don't know about charges etc but I decided if needs must then so be it!

https://personal.natwest.com/personal/c ... s_hub.html
That looks really useful, Mrs. A, the last time I applied to NatWest, in branch, they told me yes, no problem living in France, but then refused saying I needed a UK address. I wonder what has prompted the change of heart that couldn't be applied before.

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

Post by Headers »

Yes we are longtime Natwest customers.

My worry (and I am world champion worrier) is that if there is a crash out at the end of the transition period and no arrangements for banking are in place, us non residents may lose the right to hold or operate a U.K. bank account.

No I don’t have a uk address I can use.

No I don’t have enough money to open an offshore account.

This is problematic for those who are paid by their pension providers only to a U.K. bank - have asked if they would pay me directly and the answer was no.
Yes I have a transferwise account and I hope that this might be a fall back but without the total security offered by NS&I but the international payments system with NS&I seemed to be a great backup position. NS&I is fully guaranteed by govt, would always be able to pay abroad because it is govt owned regardless of passporting/no passporting and as I hold the funds in premium bonds I have had a much better return on my funds than in an ordinary bank account.

Holding funds in the U.K. also gives me a little bit more control over what exchange rate I can get most of the time.

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

Post by Mrs Archy »

As well as looking at NatWest as previously posted I am seriously considering opening a Britline ready for when my OAP arrives next year. We originally had a Britline when we first bought our holiday home but transferred locally when we arrived permanently. You do have to open it either £2500 or 3000 euros but it allows you to hold savings accounts in sterling or euros. I would only need a simple account with a debit card cost of 42 euros a year. I don't know whether NS&I would allow you to transfer to HiFX but it could be worth checking it out. When I get a free moment I will!

'Britline International Payments Service is provided by HiFX Europe Limited. HiFX is a limited company registered in England and Wales. Registered number: 3517451. Registered office: Maxis 1, Western Road, Bracknell, Berkshire, RG12 1RT. HiFX Europe Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, registration 462444, for the provision of payment services.'

https://www.britline.com/create-account.html
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Headers
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Re: NS&I are closing their international payments service.

Post by Headers »

I don’t think the Britline account will get you any further. Im talking après transition with no banking deal in place. Therefore possibly no U.K. bank account for non resident.
Britline are offering a sterling account but I think it is probably french based. U.K. are leaving the eu sepa zone so costs will definately increase when transferring money.
What I would like to know but no one can tell me is whether we will still be eligible for U.K. based bank accounts.
I fear that if the worst comes to pass, we will have very little time to do anything about it.
We need some workarounds ready to implement and the NS&I was one which is now disappearing and being replaced with a much more cumbersome and expensive alternative (warrant in sterling)

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

Post by Simonflys »

Headers - did you take a look at Revolut (link above). You can have both EUR and GBP accounts (and others if you need them!) and instantly transfer funds between them at excellent rates. Really, really good for those of us banking cross borders! 👍👍👍

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

Post by Headers »

Thankyou for the revolute prompt. I currently have transferwise accounts. I have not yet asked my pension provider whether they would be prepared to pay into this. Does resolute work the same way as transferwise I’ll have to look and see how it works.
what the legal position will be at the end of transition will be the crunch time. I’m really worried about it. I have built up funds to last 6 months, but then what?

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

Post by Simonflys »

Headers - Revolut is much more flexible than Transferwise and your pension provider would absolutely transfer into Revolut as your GBP account would have a UK sort code and account number (as well at the normal IBAN & BIC etc). You can set up standing orders, direct debits, transfers, payments, savings vaults - everything a bank account can do but much more. Great rates on Travel Insurance as well. Just like a bank only much, much better and easier!

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

Post by Headers »

Simonflys wrote:
Tue May 19, 2020 6:52 pm
Headers - Revolut is much more flexible than Transferwise and your pension provider would absolutely transfer into Revolut as your GBP account would have a UK sort code and account number (as well at the normal IBAN & BIC etc). You can set up standing orders, direct debits, transfers, payments, savings vaults - everything a bank account can do but much more. Great rates on Travel Insurance as well. Just like a bank only much, much better and easier!
I will have a look at revolute. Thankyou very much.

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

Post by Mrs Archy »

Simon I've had a look at Resolut. It looks good and similar to using Paypal? What I can't find is if your savings are safe ie I use currency fair and sometimes have a little money sitting waiting for a better exchange rate. CF is regulated by the Bank of Ireland and as they say ring fenced for maximum security and protection.
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