Barclays non uk exit

Barclays has announced plans to shut down barclays non uk exit 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 riboswitch affected customers, urging them to transfer their funds.

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.

Barclays non uk exit

More and more British expats are receiving letters telling them that their UK based financial accounts are 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, 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. At Experts for Expats, we regularly receive enquiries around this and while often there are options available, the complexity of living abroad means that solutions are not always as straightforward as you would hope. This article provides insight into why accounts are being closed and the options you may want to consider if you have been threatened with an account closure. The bottom line is that having customers which are not based in the UK creates expensive regulatory problems for UK based financial institutions which have been exacerbated by Brexit, however the threat of account closures pre-dates the referendum. Pre-Brexit, UK financial institutions were able to passport into the EU ensuring that they were able to provide regulated services. As a result, many firms decided that it was simpler and more cost effective to simply stop providing services to people outside the UK — and started sending out letters saying that accounts would be closed. Ultimately small numbers of clients in many different countries are simply not seen as cost effective when it comes to meeting regulatory requirements in those countries. While some providers, including Barclays, have offered different accounts, they have relatively high barriers to entry which many people simply cannot meet. While Barclays have been attracting the headlines since , they are certainly not unique and it is not limited to banks. For example, we have been assisting people with investment accounts with Hargreaves Lansdown and Nutmeg, to name but two others. For example, we have recently been assisting an expat who received notice from Nutmeg telling them that their account would be closed in 3 months. The expat was living in West Africa at the time which further exacerbated their situation as many institutions will have restrictions on countries that they would be willing to open new accounts.

Yup, my husband just got his notice. Pre-Brexit, UK financial institutions were able to passport into the EU ensuring that they were able to provide regulated services. Posted June 5,

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 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. 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. But it was to no avail. It is now four months later, and I still have no access to my money, or an explanation as to what the problem might be.

Barclays non uk exit

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?

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All advice and opinions I provide on PomsInOz are solely my own and are general in nature. We have evaluated a number of the expat bank accounts on the market and have provided a list of them here:. I am out of work and need it but my account here in Spain was shut down. They also need to take tax off interest if you earn enough and that's complex when you are non-resident. I've been using them for over 5 years and their service has been excellent to date. I have my state pension payments paid directly into my Australian bank account. Why are financial institutions closing bank accounts? This article is more than 10 months old. However, there are a number of expat specific banks offering accounts — depending on your personal situation. Help and advice for All Expats. Legislation may be the wrong word, maybe it was "regulation", but the point is, they all said it was a rule imposed upon them. A spokesman for the bank stated that "UK products are designed for customers living in Britain". What has happened to my money?

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. Unfortunately, with the 31 st December deadline looming and any trade agreement needing to be signed and ratified by that date, it is looking increasingly likely that there will be no trade agreement in place on 1 st January

Email us at consumer. Guides, services and help for expats around the world. Fortunately I've several other UK bank accounts to fall back on. They went to every single bank in the high street and they were told that they were no longer opening accounts for non-residents and they will soon be closing existing ones. Request free introduction to a specialist. Online banking is all electronic so there is a money trail. That's been the case for at least 8 years. Most viewed. Ausvisitor Bridgeman Read full article. I was wondering exactly the same, and if I was in the OPs situation I would want to take advantage of that opportunity while it's still on the table. To date, the only banks that have booted us are Citibank and Barclays, both of whom are global players. Russell 2,