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

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

Post by Headers »

I have had a response from my pension provider who, after years of refusing to allow payment to non U.K. bank accounts has said they can now do it.
There is of course, a catch. They charge £4 per month for doing it - not bad - but the payment is made via HSBC mandate so I suspect the exchange rate will be absolutely miserly.
Has anyone out there had any experience of this method -lease?

Anyway if all else fails, I can still get hold of my pension....while they’ve still got some funds left!!!

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

Post by SW31girl »

I use HSBC both here and in the U.K. So far the U.K. accounts are not closing.

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

Post by Crabtree »

Headers wrote:
Wed Sep 23, 2020 5:22 pm
I have had a response from my pension provider who, after years of refusing to allow payment to non U.K. bank accounts has said they can now do it.
There is of course, a catch. They charge £4 per month for doing it - not bad - but the payment is made via HSBC mandate so I suspect the exchange rate will be absolutely miserly.
Has anyone out there had any experience of this method -lease?

Anyway if all else fails, I can still get hold of my pension....while they’ve still got some funds left!!!
I have a UK public service pension paid that way for £3 per month.
THe exchange rate always appears to be at or very close to the best rate of the day!

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

Post by Headers »

I wrote for clarification to NatWest CEO. This is the response
‘ I note that you are disappointed because none of my colleagues has confirmed our position with regard to customers living in the EU, but holding bank accounts with NatWest. I am sure that for some of our customers, leaving the EU, is causing worry and anxiety and I am sorry if our failure to clarify our position is frustrating.



All I can say is that at present, your account operating terms and conditions remain the same and we are not asking you to make alternative banking arrangements. I appreciate that this falls short of what you are asking us to confirm, but I can only confirm the position as it stands at present.’

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

Post by Spud »

Not much help, but the bank info on the gov uk web page has been updated:
Banking and financial services
Most people living in Europe should not see any change to their banking when the transition period ends (31 December 2020). Whether UK banks can service customers living in an EEA country is a matter of local law and regulation. Also banks are set up differently, and may have taken different actions to continue to serve their customers.

Your bank or finance provider should contact you if they need to make any changes to your product or the way they provide it. If you have any concerns about whether you might be affected, contact your provider or seek independent financial advice.
source: https://www.gov.uk/guidance/living-in-europe

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

Post by Chester »

Hi,
I have come late to this thread , so forgive me if I repeat info. I currently have my state pension paid direct to Credit Agricole as the exchange rate is excellent. My other pensions are paid to my UK bank and I transfer money to my Credit Agricole Livret A when the rate is OK , and top up my current account as required . I stopped having my government service pension converted and transferred by the pension payer as they changed to Western Union whose rates were terrible.
As a precaution , I "chatted" with TransferWise , who I have used for several years and been very satisfied , about my options . They said that as I hold a sterling balance account with them I can have any UK third party payments made into that balance ,for which I have an individual account number, and then use it to make transfers in most currencies (including sterling ) to any third party in UK or abroad. If required I can get a multi-currency debit card from them.
If the crunch comes , I think that would cover my needs.

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

Post by niemeyjt »

Chester wrote:
Mon Sep 28, 2020 12:14 pm
Hi,
I have come late to this thread , so forgive me if I repeat info. I currently have my state pension paid direct to Credit Agricole as the exchange rate is excellent. My other pensions are paid to my UK bank and I transfer money to my Credit Agricole Livret A when the rate is OK , and top up my current account as required . I stopped having my government service pension converted and transferred by the pension payer as they changed to Western Union whose rates were terrible.
As a precaution , I "chatted" with TransferWise , who I have used for several years and been very satisfied , about my options . They said that as I hold a sterling balance account with them I can have any UK third party payments made into that balance ,for which I have an individual account number, and then use it to make transfers in most currencies (including sterling ) to any third party in UK or abroad. If required I can get a multi-currency debit card from them.
If the crunch comes , I think that would cover my needs.
Just ensure that the Government's protection extends individually to your account in case they go bust.

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

Post by Tom »

Just ensure that the Government's protection extends individually to your account in case they go bust.
It doesn't, which, to their credit, TW fully acknowledge... unlike some other money transfer firms who pretend otherwise.

https://transferwise.com/help/articles/ ... ion-scheme
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Re: U.K. Bank accounts after 31/12/2020

Post by Headers »

There is an article in the Guardian today highlighting this issue.

https://www.theguardian.com/money/2020/ ... mps-brexit

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

Post by Headers »

I have learnt today that NatWest have withdrawn their bank account for eu residents wef last Monday. Thus pulling the rug from under those who have lost their Lloyd’s Barclays and Coutts accounts. Platitudes in the U.K. press stating that you can apply to another U.K. bank are of little use as they have not clarified whether they will continue to support non residents and could move at any time. What an absolute mess.

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