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 barclays non uk exit explains the background and various options available if you are faced with an enforced account closure.

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.

Barclays non uk exit

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. What is anyone else considering? I am with another bank in the UK and hope they won't follow suit as I have various UK pensions paid in as I prefer to have control over when I bring the money over to my Australian account. The UK state pension isn't a problem as you say, it can be paid direct into an Australian account but I have a couple of other private pensions which will not pay into a foreign bank account. I would be interested in any suggestions. UK banks are extremely strict about proof of UK address when opening a new account and I know that's due to UK banking legislation, not a choice by the banks. However it seems Barclays is the only one that's not allowing you to keep your bank account once overseas, and I'm not aware of any good reason for their attitude.

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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".

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!

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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Hope this helps. With our help your cash finally landed in your Greek bank account on 28 November and you are very relieved. AR, Axioupoli , Greece. Barclays have sent out letters to all Australian account holders that have any non UK address on their accounts. They don't specify that you need to be a UK resident and I guess it will depend on whether it's permitted by the bank you want to switch to, but at least you have a regular income, which is usually the main hurdle when it comes to opening a new current account. The FCA also stated that it expects banks to treat customers fairly and provide adequate notice if they decide to close an account. Sorry to hear that and I agree, it's very inconvenient. What has Brexit to do with individuals residing in Australia? That's been the case for at least 8 years. The simple "work-around" is to use a family UK address as yours. Ausvisitor I have repeatedly called Barclays to find out what has gone wrong, but no one can tell me. The subtle difference why online only banks still allow it is they don't have to worry about customers turning up to a branch depositing thousands and thousands in cash into an 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. 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

The bank has been issuing a six-month notice to affected customers, urging them to transfer their funds. Submission and publication of all letters is subject to our terms and conditions. However, it must be creating considerable work and expense for them so you can understand why they'd only want to retain high value accounts. I am currently out of work and need this money to live on. Barclays sent you three letters in and, when no response was received, went ahead and closed the account. Also look into Wise accounts. 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 closure of accounts is expected to impact "a small percentage" of Barclays' overall customer base. Until I see anything to the contrary I surmise this is internal policies, or compliance putting it in the too hard basket. Anyway, that doesn't help you much but here's a couple of ideas Help and advice for All Expats. If your UK bank is closing your account, unfortunately opening a standard UK bank account is unlikely to be possible once you are no longer resident in the UK. I would be interested in any suggestions. 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.