Barclays non uk exit

More and more British expats are receiving letters telling them that their UK based financial accounts barclays non uk exit shortly going to be closed. This article explains the background and various options available if you are faced with an enforced account closure. British expats and non-residents with accounts held with UK financial institutions are receiving letters telling them that their accounts are going to be closed, barclays non uk exit, simply because they do not live in the UK. Understandably such threats are causing people huge amounts of stress and anxiety while leaving very little time for them to make sensible, well thought through decisions.

I have had a Barclays bank account for 27 years and kept it when I moved to Greece but, after Brexit, it decided to close accounts held by non-UK residents. When I contacted Barclays, I was told it had been closed and it advised me to make a reclaim request for my money to be transferred to my Greek bank account. I did this online on 14 September. I also filled in the account closing instructions form and uploaded all the documents it asked for. However, more than a month has passed and my funds have still not arrived. I have repeatedly called Barclays to find out what has gone wrong, but no one can tell me.

Barclays non uk exit

Barclays has announced plans to shut down the UK current and savings accounts of British expatriates, a move set to affect thousands of customers. The decision, confirmed on Monday, will potentially leave these customers without access to their savings and pensions. The bank has been issuing a six-month notice to affected customers, urging them to transfer their funds. This development comes after a review of Barclays' international offerings initiated in A spokesman for the bank stated that "UK products are designed for customers living in Britain". Under the latest closures by Barclays, holders of cash ISAs and fixed-rate bonds residing in Estonia, Italy, the Netherlands or Slovakia will have their accounts closed. Similarly, mortgage and loan holders registered outside the UK will not have their accounts closed but will be unable to remortgage at the end of their term. Crown employees and their spouses are exempt from these closures. The Financial Conduct Authority FCA clarified that banks can set their own rules concerning the residency of account holders. However, they must comply with local laws and regulations when serving customers outside the UK. The FCA also stated that it expects banks to treat customers fairly and provide adequate notice if they decide to close an account. The decision by Barclays is influenced by the expiration of "passports", an arrangement allowing financial services in the UK to trade across the European Economic Area EEA due to shared regulatory frameworks. This situation has led to UK banks being unable to provide current or savings accounts to retail customers in certain EEA countries, such as the Netherlands. The closure of accounts is expected to impact "a small percentage" of Barclays' overall customer base.

An alternative, as Marisa mentioned, is to use Wise.

Barclays have sent out letters to all Australian account holders that have any non UK address on their accounts. They have notified account holders that the account must be closed as they will no longer service non UK account holders. Just wondering what the options are for anyone with investments still in the UK and or state pension payments. It's a big pain for us as we have rental income and costs. Looked at opening a new expat account but all of them require you to invest 50k GBP or have a salary of k GBP and have extortionate fees. Tried to change address online to a UK relatives but it won't let me change the country without calling them and providing proof of address.

By clicking a retailer link you consent to third party cookies that track your onward journey. If you make a purchase, Which? An increasing number of British citizens living in EU countries are being told their UK bank accounts will be closed after the Brexit withdrawal period ends on 31 December We last covered this topic at the beginning of October , when the majority of UK banks we spoke to said they were not planning to close any accounts - however, this situation seems to have changed. Here, we reveal the experiences some British expats have had with their banks, and explore what the alternatives are if UK banking providers can no longer operate in your country of residence. Get a firmer grip on your finances with the expert tips in our Money newsletter — it's free weekly. This newsletter delivers free money-related content, along with other information about Which? Group products and services. Unsubscribe whenever you want. Your data will be processed in accordance with our Privacy policy.

Barclays non uk exit

I have had a Barclays bank account for 40 years, but in December, when I tried to transfer money to my account here in Spain, I was unable to access it. I discovered that, after Brexit, it had been closed by the bank. Barclays says it wrote to tell me this would happen, but I did not receive the letter. I am currently out of work and need this money to live on. I had considered transferring some of it to Spain, but concluded my British bank was more reliable! I filled in the form to reclaim my money and, despite being advised it would be sent within 10 to 15 working days, it did not arrive.

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As I have said before: posting letters and then closing accounts — even when no reply comes from the account holder — does not seem good enough when large sums of money are at stake. Frankly, I think using Brexit as an excuse is pretty lame. Sadly no. Online banking is all electronic so there is a money trail. Under the latest closures by Barclays, holders of cash ISAs and fixed-rate bonds residing in Estonia, Italy, the Netherlands or Slovakia will have their accounts closed. Reuse this content. The simple "work-around" is to use a family UK address as yours. Bridgeman Please include a daytime phone number. Sign in here. As noted above, that's not possible. When I contacted Barclays, I was told it had been closed and it advised me to make a reclaim request for my money to be transferred to my Greek bank account.

What options are available for British expats living in the EU who have been told that their UK bank account will be closed in the event of no trade deal being agreed between the EU and the UK before January 1st As every British citizen living in the EU and most worldwide will be aware, the Brexit transition period comes to an end on December 31 st which means that as of 1 st January , the UK will have formally left the EU.

Written on 4 October After many calls to the Barclays helpline I discovered there was a problem with the documents I had sent, so I went through the process again in February. Comments … Sign in or create your Guardian account to join the discussion. I have my state pension payments paid directly into my Australian bank account. This article is more than 1 year old. British banks are not allowed, by law, to open new accounts for non-residents. They also need to take tax off interest if you earn enough and that's complex when you are non-resident. CMC Crypto Story continues. I kept the account when I moved to Greece, but the bank closed accounts held by non-UK residents.