British Ex-Pat Bank Accounts to be CLOSED
Hundreds of thousands of British Ex-Pats living in the EU will have received a shock letter in the last few days.
Customers of Nat-West, Coutts, RBS, Barclays, Bank of Scotland and Halifax are among the list of those affected. Their bank accounts will be closed by the end of this year, in some case much earlier. Cheques and credit/debit cards will be cancelled, payments into the accounts will be returned “account closed” and Direct Debits and all other payment requests will be treated in the same way. Customers of these Banks will receive a cheque for any money in their accounts, and it’s their problem what to do next.
Many of the affected Ex-Pats are retired and are now left wondering how they will receive their pension income.
Ex-Pat landlords are left wondering what they are to do too. Will their tenants pay the International Bank Transfer fees to pay their rent into an offshore bank account? Will landlords be able to set up Direct Debits from an overseas bank account to make their mortgage payments?
Are you affected by this? If so, please share your thoughts below and solutions you have looked into.
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Member Since July 2019 - Comments: 8
9:59 PM, 19th October 2020, About 5 years ago
Reply to the comment left by Christopher Farrell at 19/10/2020 – 21:06
I use Transferwise and I really like it. You can hold a number of accounts within it, including a GB£ one with a UK sort code. I have a GB£, Euro and US$ account, and I can also hold money in other currencies (I live in Denmark), and just move them all around depending on exchange rates. Charges for transfers are also much less than a ‘normal’ bank.
Member Since July 2019 - Comments: 8
10:01 PM, 19th October 2020, About 5 years ago
Reply to the comment left by Mark Alexander at 19/10/2020 – 20:38
Not sure. Would be worth checking.
Member Since July 2013 - Comments: 20
10:07 PM, 19th October 2020, About 5 years ago
Reply to the comment left by angel2steel at 19/10/2020 – 21:59
Can you make payments from the bank account (Mortgage etc.)? We have a transferwise account but have only used it for transferring money from our U.K bank account to our Spanish Bank Account. We have never explored the possibility of having money (rent for example) paid into a transferwise multi-currency account, in this case a GBP account, paying the mortgages from there too, then transfering balances as needed to Spain. This seems like a viable alternantive.
Member Since January 2011 - Comments: 12196 - Articles: 1396
10:36 PM, 19th October 2020, About 5 years ago
Apparently, it is possible to set up Direct Debits from Transferwise https://transferwise.com/help/articles/2977956/how-do-i-set-up-direct-debits
Member Since July 2013 - Comments: 20
10:53 PM, 19th October 2020, About 5 years ago
Reply to the comment left by Mark Alexander at 19/10/2020 – 22:36
Thanks for chrecking that out Mark. It appears Transferwise is a viable alternative to a U.K. bank account. Their transfer fees are really very low and having the possibility to pay direct debits and transfer excess funds from GBP to Euros is an attractive option.
Member Since July 2013 - Comments: 20
10:56 PM, 19th October 2020, About 5 years ago
There must be a niche there for some entrepreneur…….
Member Since September 2016 - Comments: 105
7:40 AM, 20th October 2020, About 5 years ago
Member Since July 2013 - Comments: 20
8:40 AM, 20th October 2020, About 5 years ago
Reply to the comment left by CazT at 20/10/2020 – 07:40I agree, Transferwise is the place to go (see my earlier comment), that said, with all the turmoil this is causing for many landlords, it would be nice to see some “letting agency”, or similar operation, setting up a one stop shop where your rents are collected, mortgages paid, etc., offering a complete service to landlords, wherever they are based in the world. There is a gaping hole to be filled by a U.K. based operation that can fulfil this niche imo.
Member Since January 2011 - Comments: 12196 - Articles: 1396
8:47 AM, 20th October 2020, About 5 years ago
Reply to the comment left by Christopher Farrell at 20/10/2020 – 08:40
Lettingsupermarket.com are making headway with this and hoping to have the service operational this year. They are in Alpha testing at this stage.
Member Since July 2013 - Comments: 20
8:54 AM, 20th October 2020, About 5 years ago
Reply to the comment left by Mark Alexander at 20/10/2020 – 08:47
I suspected something like this was happening, hence my “indirect” comment to “entrepreneurs”. A wonderful opportunity for the right service with a potentially immense customer base, not only with overseas clients.