Barclays to close UK accounts for non residents

[DaveLister]

It's dejà vue all over again.

https://news.yahoo.com/barclays-debank-british-expats-134809144.html?guccounter=1&guce_referrer=aHR0cHM6Ly9zZWFyY2guYnJhdmUuY29tLw&guce_referrer_sig=AQAAAG8a9cYoFfFTDDM8AXjt5HvwZgtVO_KpmD_4NbGwZ2VnnVrI8x2oq2uFzrhSWJXa5O3WZ4uAdcJKkE_snUIuv8jiBENPPvJiQ7K790DNvB3Cv0aornkLyNuhbeEvcDgpCLtSC8JmZWC6L2oOzEwqwHoN4eL-jtVBIiUOdblvmdb7

[NickP]

"Expats who bank with Barclays are to be stripped of their accounts in a move that could leave some customers unable to access their savings and pensions."

This part of the report is shere scare mongering, OK they may be shutting down accounts of non residents but to state the above is appaling reporting.

[ssomon]

3 hours ago, NickP said:

"Expats who bank with Barclays are to be stripped of their accounts in a move that could leave some customers unable to access their savings and pensions."

This part of the report is shere scare mongering, OK they may be shutting down accounts of non residents but to state the above is appaling reporting.

 The word is sheer

[Gardian]

Can someone explain to me why Barclays is doing this?

I mean, most of these accounts will be effort-free for the bank.  Quite reasonable balances, no need for ‘tiresome’  management of delinquent accounts.

[DaveLister]

It's all to do with the fact that they no longer have licenses to sell financial products on Europe post brexit. This article explains it well.

https://www.financialadvice.net/latest_round_of_uk_bank_account_closures_for_expats/news/9583

[NickP]

12 hours ago, ssomon said:

 The word is sheer

So sorry, I'm sure you've never made a typo

[Lehaut]

They shut ours down quite some time ago, no choice nor explanation.

The RBS has allowed us to keep our UK account and, for the moment, show no inclination to shut it down.

[Gardian]

Thank you Dave.  Yes, it explains it, but we’ve been unable to open (for example) an ISA or other savings a/c since we first arrived here 18 yrs ago.

Oh well, fingers crossed that Lloyds remain unmoved by any of this.  Not overly confident!

[menthe]

4 hours ago, DaveLister said:

It's all to do with the fact that they no longer have licenses to sell financial products on Europe post brexit. This article explains it well.

https://www.financialadvice.net/latest_round_of_uk_bank_account_closures_for_expats/news/9583

DL thank you for your link.  So now I can go and explain all to my OH!  I don't do that for his benefit but, if I managed to explain the contents of your link, then I will know that I myself have understood it😄

[DaveLister]

57 minutes ago, Gardian said:

we’ve been unable to open (for example) an ISA or other savings a/c since we first arrived here 18 yrs ago.

I think you can only open an ISA as a UK resident. The only UK savings vehicles I've opened since moving to France have been with the NS&I. Since Brexit I've been warned that the investments are dependent on me retaining a UK bank account. I'm with HSBC and, so far, so good.

[Harnser]

12 hours ago, DaveLister said:

It's all to do with the fact that they no longer have licenses to sell financial products on Europe post brexit. This article explains it well.

https://www.financialadvice.net/latest_round_of_uk_bank_account_closures_for_expats/news/9583

From the article you linked to:-

"Any existing UK accounts and contracts that were established before Brexit should be allowed to continue provided there is no change in the contract"

And as Barclays have had a branch in France since 1922 -  https://www.cib.barclays/contact-us/fr.html there is no good reason for them to do this, apart from the fact that they cannot be bothered to service existing  private accounts, seeing these as a cost rather than a profit centre.

[DaveLister]

40 minutes ago, Harnser said:

Barclays have had a branch in France since 1922

As far as I'm aware, Barclays UK and Barclays International ( which includes the C.I.B. in Paris ) are two separate divisions.

Of course there is nothing stopping anyone from getting a fully fledged international bank account if they so desire.

That's if they have the money. 😀

[menthe]

Not just the  amount of money, DL.  You need to be able to forego the 80 grand in your account that is guaranteed by your UK bank should, perish the thought, anything go drastically wrong!

80 grand is more than many people's entire retirement pot.

[Harnser]

Why bother with an international bank account when you can have a Wise card?

And as for Barclays, who tried hard to bankrupt a business that I was a partner in, during the nineties, to get hold of our houses which had been put up as security, I would sooner eat my own fingers than hand over any money to Barclays to look after. 

[DaveLister]

23 minutes ago, Harnser said:

Why bother with an international bank account when you can have a Wise card?

A number of agencies including some pension funds and NS&I refuse to make payments into banks not authorised by the BOE. Here's the current list.

https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/authorisations/which-firms-does-the-pra-regulate/2023/list-of-banks/banks-list-2301.pdf

[Harnser]

We don't have a problem as we have an admin address in the UK.

Natwest don't seem to mind that we have many UK accounts with them, savings and current, but are resident in France; which they are well aware of, so why should Barclays see it as a problem?

Wise now operate out of Belgium.

https://wise.com/help/articles/2965898/how-does-brexit-affect-wise

[DaveLister]

8 hours ago, Harnser said:

Wise now operate out of Belgium.

And no longer hold a UK banking license so are not on the list. Unfortunately the combination of Brexit and American money laundering rules have made most UK investment companies very risk averse so it's usually a case of 'computer says no'. Natwest have now closed all their branches in France so I suspect they are following the same path as Barclays in keeping old accounts open until the T&C's change. Certainly you can no longer open a standard account with them without being a UK resident.

HSBC ( my bank ) still has some branches but how long that will last is anybodies guess.

[Harnser]

On 26/09/2023 at 10:48, DaveLister said:

And no longer hold a UK banking license so are not on the list. Unfortunately the combination of Brexit and American money laundering rules have made most UK investment companies very risk averse so it's usually a case of 'computer says no'. Natwest have now closed all their branches in France so I suspect they are following the same path as Barclays in keeping old accounts open until the T&C's change. Certainly you can no longer open a standard account with them without being a UK resident.

HSBC ( my bank ) still has some branches but how long that will last is anybodies guess.

"To provide continued access to our products and services, NatWest Group plc (“NWG”) continues to serve most of its European Economic Area-based customers from NatWest Markets N.V., another bank in NWG, which is headquartered in the Netherlands, with branches across Western Europe"

https://www.natwest.com/business/support-centre/contact-us/western-europe-offices.html#office

[DaveLister]

29 minutes ago, Harnser said:

"To provide continued access to our products and services, NatWest Group plc (“NWG”) continues to serve most of its European Economic Area-based customers from NatWest Markets N.V., another bank in NWG, which is headquartered in the Netherlands, with branches across Western Europe"

Interesting, ironically the one place where NatWest have closed accounts is the Netherlands.

[DaveLister]

Another report on the impact generally on UK pensions for overseas residents following Brexit.

https://www.telegraph.co.uk/money/pensions/british-expats-locked-out-of-pensions-brexit-rules/

[ssomon]

Don't worry, it won't bother them living on their yachts in continuous beautiful weather.