Barclays non uk exit

Barclays has announced plans to shut down the UK current and savings accounts of British expatriates, a move set to affect thousands of customers.

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.

Barclays non uk exit

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. I have repeatedly called Barclays to find out what has gone wrong, but no one can tell me. What has happened to my money? AR, Axioupoli , Greece. This is the second case I have dealt with where a Greece-based Barclays customer has struggled to get hold of their cash after the unexpected to them closure of their account. Where we make the decision to no longer offer products and services, we are contacting impacted customers to give them six months notice of this decision and outline the next steps they need to take. We have completed the required verification checks, and have initiated the transfer to their selected account. Although you did not receive any correspondence from Barclays, the bank sent you three letters — one posted as far back as November — informing you of its intention to close the account. It then went ahead and shut it in the summer. With our help your cash finally landed in your Greek bank account on 28 November and you are very relieved.

Sending letters and then closing accounts — even when no reply comes from the account holder — does not seem good enough when large sums of money are at stake. What this all does suggest though is that you certainly shouldn't be switching correspondence addresses to an overseas one with the banks anymore. I do not assume any responsibility for actions taken based on the information provided in any of my posts, barclays non uk exit if you choose to act on this information then you do so entirely at your own risk.

More and more British expats are receiving letters telling them that their UK based financial accounts are shortly going to be closed. This article explains the background and various options available if you are faced with an enforced account closure. British expats and non-residents with accounts held with UK financial institutions are receiving letters telling them that their accounts are going to be closed, simply because they do not live in the UK. Understandably such threats are causing people huge amounts of stress and anxiety while leaving very little time for them to make sensible, well thought through decisions. At Experts for Expats, we regularly receive enquiries around this and while often there are options available, the complexity of living abroad means that solutions are not always as straightforward as you would hope. This article provides insight into why accounts are being closed and the options you may want to consider if you have been threatened with an account closure.

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! I filled in the form to reclaim my money and, despite being advised it would be sent within 10 to 15 working days, it did not arrive.

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.

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Nikkei 39, Posted June 3, The simple "work-around" is to use a family UK address as yours. I was wondering exactly the same, and if I was in the OPs situation I would want to take advantage of that opportunity while it's still on the table. This situation has led to UK banks being unable to provide current or savings accounts to retail customers in certain EEA countries, such as the Netherlands. Marisawright 11, It's a big pain for us as we have rental income and costs. Yup, my husband just got his notice. Legislation may be the wrong word, maybe it was "regulation", but the point is, they all said it was a rule imposed upon them. They also need to take tax off interest if you earn enough and that's complex when you are non-resident. Customers who believe their accounts have been closed unfairly have the right to complain to the Financial Ombudsman Service. Ken 1, Under the latest closures by Barclays, holders of cash ISAs and fixed-rate bonds residing in Estonia, Italy, the Netherlands or Slovakia will have their accounts closed.

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

Although you did not receive any correspondence from Barclays, the bank sent you three letters — one posted as far back as November — informing you of its intention to close the account. Worth a try. We have evaluated a number of the expat bank accounts on the market and have provided a list of them here:. Posted June 4, Understandably such threats are causing people huge amounts of stress and anxiety while leaving very little time for them to make sensible, well thought through decisions. For example, they may have tie in periods on certain investments which mean they face being penalised for having to move money which they have no choice over. However, this is rarely as straight forward as it sounds due to the complexity of living abroad. After many calls to the Barclays helpline I discovered there was a problem with the documents I had sent, so I went through the process again in February. I've been using them for over 5 years and their service has been excellent to date. 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. 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. 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. Under the latest closures by Barclays, holders of cash ISAs and fixed-rate bonds residing in Estonia, Italy, the Netherlands or Slovakia will have their accounts closed. It seems that Brexit is a major factor in the decision made by some UK banks to close accounts as they are no longer choosing to service the EU and EEA countries, but it doesn't appear to be a blanket policy aimed at all overseas account holders.