U.K. Bank accounts after 31/12/2020

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U.K. Bank accounts after 31/12/2020

Post by Headers »

It looks increasingly likely that some of the bigger banks will no longer support French residents keeping U.K. accounts. This is as I understand it to do with the fact that they don’t want to set up European entities to allow them to operate. It varies from Bank to Bank and from country to country. I have seen stories about accounts and credit cards being withdrawn from end November.
The problem for many of us is the payment of U.K. pensions that the provider will only pay into a U.K. bank. also I’m not sure what is happening with National Savings as they have withdrawn their international payment scheme.

I approached my bank - NatWest - who are non-committal on their position after the end of transition. Lloyd’s appear to be withdrawing from Europe. HSBC appear to be continuing in Europe. Barclays are cancelling credit cards. This is leaving me with a conundrum. Do I move from NatWest ? We’ve got 3 and a half months to sort it all out. I’m just really jumpy about losing access to our income. I know we could have state pension paid directly but that is a small proportion and wouldn’t cover our costs. I have a transferwise account.
Has anyone else been thinking about this please?

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Re: U.K. Bank accounts after 31/12/2020

Post by JohnnyD »

Have a look at Revolut, You can have a French account backed up with a French address, but also have a GBP account with a U.K. IBAN, easy to set up, things may change of course, but I havn’t heard Revolut plan to change anything. I have TransferWise and Revolut, it’s my belief you can’t have to many at the moment, as we have no idea who will continue to operate and who won’t, I think the big banks are more likely to be problematic rather than the smaller new Fintech banks.

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Re: U.K. Bank accounts after 31/12/2020

Post by Headers »

JohnnyD wrote:
Sun Sep 13, 2020 5:36 pm
Have a look at Revolut, You can have a French account backed up with a French address, but also have a GBP account with a U.K. IBAN, easy to set up, things may change of course, but I havn’t heard Revolut plan to change anything. I have TransferWise and Revolut, it’s my belief you can’t have to many at the moment, as we have no idea who will continue to operate and who won’t, I think the big banks are more likely to be problematic rather than the smaller new Fintech banks.

JD
Thankyou. I have a nagging doubt that you can’t use TW or R as recipient accounts for National Savings transactions. I am going to try it out.

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Re: U.K. Bank accounts after 31/12/2020

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Re: U.K. Bank accounts after 31/12/2020

Post by rabbit »

I can’t see that U.K. banks are going to shoot themselves in the foot. There is no legal reason why a British citizen living overseas cannot have a UK account. Think of all the U.K. citizens who have Swiss and Luxembourg accounts. But U.K. banks/ card issuers may use it as an excuse to get rid of non profitable accounts. It would be interesting to hear from high spend Barclaycard Users and low spend to know if both groups have received letters . Ditto bank customers.

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Re: U.K. Bank accounts after 31/12/2020

Post by JohnnyD »

Well the U.K. is shooting itself in the foot, so the banks may as well join in.......

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Re: U.K. Bank accounts after 31/12/2020

Post by Fitter »

Headers wrote:
Sun Sep 13, 2020 5:12 pm
It looks increasingly likely that some of the bigger banks will no longer support French residents keeping U.K. accounts. This is as I understand it to do with the fact that they don’t want to set up European entities to allow them to operate. It varies from Bank to Bank and from country to country. I have seen stories about accounts and credit cards being withdrawn from end November.
The problem for many of us is the payment of U.K. pensions that the provider will only pay into a U.K. bank. also I’m not sure what is happening with National Savings as they have withdrawn their international payment scheme.

I approached my bank - NatWest - who are non-committal on their position after the end of transition. Lloyd’s appear to be withdrawing from Europe. HSBC appear to be continuing in Europe. Barclays are cancelling credit cards. This is leaving me with a conundrum. Do I move from NatWest ? We’ve got 3 and a half months to sort it all out. I’m just really jumpy about losing access to our income. I know we could have state pension paid directly but that is a small proportion and wouldn’t cover our costs. I have a transferwise account.
Has anyone else been thinking about this please?
Use the transferwise account - and get the multicurrency debit card if you haven't already got one.
They have recently got themselves licensed in Belgium so ok for all of europe.

We've already had the rude abrupt no reason given credit card account closure notice from the nasty bank - Barclays. I've got a bit of history with Barclays - none of it good, so I shall be giving them a roasting wherever I can.
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Re: U.K. Bank accounts after 31/12/2020

Post by JohnnyD »

Barclays and NW are the pits, I wouldn’t touch them with a barge pole, but I understand some people have no choice.....

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Re: U.K. Bank accounts after 31/12/2020

Post by lindal1000 »

Barclaycard and Barclays are two separate operations..nothing to do with each other. Barclays already has operations in Europe, as does Nat West so in theory should be able to continue to operate in Europe in the event of no deal.

The issue with credit cards is something to do with unsecured credit not being allowed in the EU, but the UK always had an exemption for that when they were part of the EU. I think Barclaycard have just been the first company to notice it.

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Re: U.K. Bank accounts after 31/12/2020

Post by Fitter »

lindal1000 wrote:
Sun Sep 13, 2020 7:16 pm
Barclaycard and Barclays are two separate operations..nothing to do with each other. Barclays already has operations in Europe, as does Nat West so in theory should be able to continue to operate in Europe in the event of no deal.

The issue with credit cards is something to do with unsecured credit not being allowed in the EU, but the UK always had an exemption for that when they were part of the EU. I think Barclaycard have just been the first company to notice it.
Barclaycard is a brand for credit cards of Barclays PLC it's not separate.
Nothing to do with unsecured credit not being allowed, the UK credit card companies are getting out of lending to customers in europe because they either may not be able to enforce and collect the debt after brexit, or it will become very difficult because the current arrangement of Cross Border Debt Enforcement may not be useable after the end of this year, that's why they are panicking now that no deal is on the cards.

I have experienced numerous attempts by Nasty-Barclay to cancel my card even before the brexit vote - it's paid off every month, I use it for UK purchases firstly for the section 75 protection. and secondly as a means of having the goods delivered before I pay for them, if there is a problem i can refuse the card payment until the seller puts it right - it's happened a couple of times in 11 years.
Last edited by Fitter on Sun Sep 13, 2020 8:16 pm, edited 1 time in total.
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