Barclays to close accounts of UK expats, impacting savings and pensions access

[Lee]

Quote

 

Barclays Bank has made a significant move that may leave some of its expat customers unable to access their savings and pensions. The bank announced on Friday that British people living abroad will no longer be able to hold a Barclays UK current or savings account. This decision could potentially affect numerous expats who rely on these accounts for their financial transactions.

The bank's decision follows a review of its international offerings that began in 2021. Barclays is now sending out notifications to customers, providing them with a six-month warning before the closure of their accounts.

Despite this, wealthy expats have an alternative solution provided by the bank. They can open a global account with Barclays. However, to avoid a monthly charge of £40, they need to maintain a balance of £100,000 in the account.

A Barclays spokesman stated that UK products are designed for customers living in Britain. The Financial Conduct Authority (FCA), the city regulator, said it was a commercial decision as banks are allowed to set their own rules on which customers they accept.

 

 

Barclays to close accounts of UK expats, impacting savings and pensions access (msn.com)

[RobH]

And also Nat west, probably all the UK banks will go the same way.

[Clermont]

Australia changed their overseas banking requirements about 2 years ago, yes it was a hassle at first but the cheapest option is a money conveyor. It’s a bloody nuisance it’s got to do with money laundering but once you sort their requirements out it works well,  no hassle for eighteen months. 

[hk blues]

On 9/24/2023 at 12:43 AM, RobH said:

And also Nat west, probably all the UK banks will go the same way.

It depends - reading the article it seems expats can still have an account but need to maintain a certain balance.  I guess the basic expat who has a small balance and just uses the account to process payments in and out isn't profitable for the banks.  Same goes for UK residents but it would be terrible PR to close down those accounts.

[hk blues]

I just got the dreaded letter from my UK bank, Nationwide, advising my account will close next month due to me living abroad.  It sucks but not unexpected.  

[Freebie]

HSBC Expat based in Jersey, minimum balance of GBP 50,000 which can be held in their deposit accounts or current accounts. Deposit accounts were paying 4% plus most recently.

I opened my account with them few years back when I worked in China and because  of Know your Customer and the fact I was in China, they wanted an awful lot of info about me, even though I already had HSBC Premier in Hong Kong..... passport, contract, salary slips, an endorsement by HSBC branch Beijing that I was who I said I was, and a phone interview. Eventually all done and Im glad I persevered. Id recommend but I think for the average expat who is not in China account opening would be way easier.

[hk blues]

1 minute ago, Freebie said:

HSBC Expat based in Jersey, minimum balance of GBP 50,000 which can be held in their deposit accounts or current accounts. Deposit accounts were paying 4% plus most recently.

I opened my account with them few years back when I worked in China and because  of Know your Customer and the fact I was in China, they wanted an awful lot of info about me, even though I already had HSBC Premier in Hong Kong..... passport, contract, salary slips, an endorsement by HSBC branch Beijing that I was who I said I was, and a phone interview. Eventually all done and Im glad I persevered. Id recommend but I think for the average expat who is not in China account opening would be way easier.

Thanks.

I'll keep that in mind as my Plan C.  My plan B is Santander International, also aimed at Expats as I already have an account with them and just need to start using it for my day-to-day banking instead of long-term savings.

 

[jimeve]

2 hours ago, hk blues said:

Thanks.

I'll keep that in mind as my Plan C.  My plan B is Santander International, also aimed at Expats as I already have an account with them and just need to start using it for my day-to-day banking instead of long-term savings.

 

I have a Santander UK account (Not International) had nothing but trouble with them for the last two years, restricting then closing my accounts. After lengthy phone calls they reopened my accounts, then after 3 months  closed again. Their reason I had not got in touch with them to discuss my accounts. Letters from them take 3 to 6 months to reach me where I live, by the time I received the letters my accounts were restricted then closed.

At the moment I think they are restricted, as I can't move the accounts around. So its going to be another lengthy frustrating phone call to the bank.

[hk blues]

15 hours ago, jimeve said:

I have a Santander UK account (Not International) had nothing but trouble with them for the last two years, restricting then closing my accounts. After lengthy phone calls they reopened my accounts, then after 3 months  closed again. Their reason I had not got in touch with them to discuss my accounts. Letters from them take 3 to 6 months to reach me where I live, by the time I received the letters my accounts were restricted then closed.

At the moment I think they are restricted, as I can't move the accounts around. So its going to be another lengthy frustrating phone call to the bank.

Santander International is specifically aimed at ex-pats so I should, in theory, be fine.