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

[curtis]

The Sunday Times has an article today about UK banks, passporting and Brexit. Apparently the Lloyds Bank group are still prepared to allow French residents to hold accounts

That's good news. Thanks Tom.

[Timoth]

I assume that Channel Island accounts will remain as they are?

[Fitter]

"As each of the 27 member states has a hotchpotch of different rules, it is a bureaucratic nightmare for institutions, and some are deciding simply to ditch certain countries"

More EU standardisation - Not!

And that is why the overarching eu regs work so well. And when you leave the club, you lose the benefits of them. And ‘sovereign’ rules apply.

You seem to have missed the point - if EU regs are so bountiful, wonderful and universal, why do the 27 member states/countries have "a hotchpotch of different rules?"

[Headers]

I assume that Channel Island accounts will remain as they are?

I am investigating this as an alternative. They seem to have all bases covered. I’m in conversation with NatWest international and will post here when I find out more.

[JohnnyD]

Might also be useful looking at Monese, you can have a UKP and Euro account, no proof of address is needed I believe, just valid photo ID. I used it a lot before we got the CA account open.

https://monese.com/gb/en

JD

[exile]

When I last looked - and it was quite a long time ago, Channel Island banks linked to UK banks had very substantial bars to being used by "ordinary" people. High account fees and/or a minimum balance re two I remember - and for many the minimum balance was between £10.000 and £25.000.

[Headers]

Might also be useful looking at Monese, you can have a UKP and Euro account, no proof of address is needed I believe, just valid photo ID. I used it a lot before we got the CA account open.

https://monese.com/gb/en

JD

Monese appears to be very similar to Transferwise. no FSCS protection.

[Headers]

"As each of the 27 member states has a hotchpotch of different rules, it is a bureaucratic nightmare for institutions, and some are deciding simply to ditch certain countries"

More EU standardisation - Not!

And that is why the overarching eu regs work so well. And when you leave the club, you lose the benefits of them. And ‘sovereign’ rules apply.

You seem to have missed the point - if EU regs are so bountiful, wonderful and universal, why do the 27 member states/countries have "a hotchpotch of different rules?"

I am assuming that their rules were in existence before the eu over arching reg was agreed and put in place. So they can still use their localised requirements for non-eu countries, but for eu countries there are a standard set of regs making intra eu trading much more straightforward. Non eu countries that have a trade deal with the eu would benefit from this as well. Non eu countries who do not have a trade deal with the eu would have to approach each country separately.

[JohnnyD]

Might also be useful looking at Monese, you can have a UKP and Euro account, no proof of address is needed I believe, just valid photo ID. I used it a lot before we got the CA account open.

https://monese.com/gb/en

JD

Monese appears to be very similar to Transferwise. no FSCS protection.

But if we are mainly looking for a way for pensions to be paid into a U.K. account and sort code then transferred to a euro account, is FSCS protection required? Once paid into the U.K. account, transfer to euros and out again.

JD

Edit.....also these new fintech accounts give much better rates than the big 3 banks for UKP to euro transfer.

JD

[Fitter]

And that is why the overarching eu regs work so well. And when you leave the club, you lose the benefits of them. And ‘sovereign’ rules apply.

You seem to have missed the point - if EU regs are so bountiful, wonderful and universal, why do the 27 member states/countries have "a hotchpotch of different rules?"

I am assuming that their rules were in existence before the eu over arching reg was agreed and put in place. So they can still use their localised requirements for non-eu countries, but for eu countries there are a standard set of regs making intra eu trading much more straightforward. Non eu countries that have a trade deal with the eu would benefit from this as well. Non eu countries who do not have a trade deal with the eu would have to approach each country separately.

But a trade deal doesn't include banking or access to a market for a bank ASFAIK.
It seems to rest on whether a particular bank has got off their a**e and has taken the trouble and paid the money to have a presence in any EU country with the associated license for that country which qualifies them to be able to operate in any EU country.