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British Expats in Europe face having UK Bank Accounts Closed - What are my Options?

News • 22nd Sep, 20

 
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With Brexit only 100 days away UK expats living in Europe face having their current accounts, savings and potentially investment accounts closed. Banks like Lloyds, Barclays and Coutts have already given notice to some customers. With other banks saying they are considering their options for these customers.

Under the current legislation, it will become illegal for UK banks to provide services to expat customers living in Europe after Britain leaves the EU. Stalemate between Britain and Europe in ongoing talks over Brexit has left it a 'bureaucratic nightmare' for UK banks to provide services to Brits living abroad reports The Sunday Times.

Lloyds Bank have confirmed it will stop its services in Holland, Slovakia, Germany, Ireland, Italy and Portugal - this will impact around 13,000 account holders.

Passporting would be a huge expense for banks like Barclays, Lloyds and Coutts without a deal and EU-based customers are sacrificed as a result.

Expats in Spain are terrified they could lose their accounts and credit cards within weeks because the government have failed to negotiate post-Brexit rules. Lloyds have not yet revealed whether their customers will be impacted, savings: "If customers have regular deposits into, or payments out of, their account, they will need to make other arrangements before their account is closed".

What are my options?

As an expat with accounts in the UK you properly have a good reason why this is if it be for wages, pensions or other monies to be paid in or its more sentimetal. We list below a few options for you;

Standard Bank - Isle of Man

Standard Bank are more traditional bank that some of our clients use that are based in Europe and elsewhere. They provide multi-currency accounts such as Sterling, Dollar, Euro. They have several accounts available for different needs. All the information can be found on the website.

Revolut

Revolut offer a modern approach to banking they now have over 12 million customers and support 35 counties worldwide. Unlike your traditional banks they provide all their services via an app on your phone. They make everything quick and easy and best of all its free to join up.

These are just two options available to someone that is looking to set up a new account and its always best to research the market to make sure you find the right fit for you.

Currency Exchange

As someone living in a different country you might be considering transferring your sterling to your local EURO account. An important factor to remember is the exchange rate, often banks will charge up to 5% to transfer your money. We have teamed up with Global Reach to provide you with a dedicated currency exchange service. We recommend comparing your rates between us and your bank which is easy to do and a free service. Just click on our 'get quote' button via the currency exchange page.

Savings and Investments

You might be considering investing the money that you hold in your bank account or your current investments are held in the UK and would like to move to a more international model of investment. As yet we are not sure what will happen to cash and investment ISA's, but it could be something you may need to think about as the Brexit deadline approaches. We offer a range of solutions and investments that match your current and future needs.

To understand how we can help you please email us at hello@thechoicealliancegroup.com and one of our experienced advisers will be in touch to discuss your options.

 

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