British Ex-Pat Bank Accounts to be CLOSED

British Ex-Pat Bank Accounts to be CLOSED

11:40 AM, 16th October 2020, About 11 months ago 59

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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.



Comments

by angel2steel

21:59 PM, 19th October 2020, About 11 months 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.

by angel2steel

22:01 PM, 19th October 2020, About 11 months ago

Reply to the comment left by Mark Alexander at 19/10/2020 - 20:38
Not sure. Would be worth checking.

by Christopher Farrell

22:07 PM, 19th October 2020, About 11 months 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.

by Mark Alexander

22:36 PM, 19th October 2020, About 11 months 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

by Christopher Farrell

22:53 PM, 19th October 2020, About 11 months 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.

by Christopher Farrell

22:56 PM, 19th October 2020, About 11 months ago

There must be a niche there for some entrepreneur.......

by CazT

7:40 AM, 20th October 2020, About 11 months ago

There is and Transferwise is it. This article, although American based, clarifies what they do and how they do it very clearly. A long read but worth it.

https://ecommerce-platforms.com/ecommerce-reviews/transferwise-review

by Christopher Farrell

8:40 AM, 20th October 2020, About 11 months 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.

by Mark Alexander

8:47 AM, 20th October 2020, About 11 months 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.

by Christopher Farrell

8:54 AM, 20th October 2020, About 11 months 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.


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