Barclays non uk exit

Barclays have barclays non uk exit 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.

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". 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.

Barclays non uk exit

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. 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. But it was to no avail. It is now four months later, and I still have no access to my money, or an explanation as to what the problem might be. Your money problems are now thankfully over, as a nudge from us helped it to reach Spain. This is not a decision we take lightly, and appreciate the impact this can have on our customers. We can confirm the funds have since been released to our customer. Barclays sent you three letters in and, when no response was received, went ahead and closed the account.

Sign in Already have an account? Posted June 3, I often receive letters about this requesting proof of identity and tax residency certified copies of ID documentswhich I generally file under 'bin', 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 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.

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.

Barclays non uk exit

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 This means that expats with accounts with Barclays, Barclaycard, Lloyds, Halifax and Bank of Scotland who are both part of the Lloyds Banking Group will have to seek alternative accounts. Also affected are customers of Coutts who are owned by Natwest which could mean customers of other UK banks to receive a similar letter before too long. The reason for these closures is that these banks will not have the required licenses to provide services to people living in all 27 EU member states while the UK has no trade agreement with the EU, which had previously agreed passporting rules enabling entities to trade under equivalent regulatory frameworks.

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You accept you are not blameless as you had ignored requests for information about your tax status, and part of the hold-up was due to a problem with scanned documents you supplied. You are relieved to have access to your funds again, but after a shocking four-month wait. Bitcoin USD 69, However, they must comply with local laws and regulations when serving customers outside the UK. Why can Wise open an account for non residents with a UK sort code and account number when the High St banks are moving in the opposite direction? 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. InnerVoice 1, Create an account or sign in to comment You need to be a member in order to leave a comment Create an account Sign up for a new account in our community. What options do people have? Barclays and other UK financial institutions are closing British expats accounts, what are your options? There are other ways to reach customers, especially those living abroad, in the 21st century.

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.

The FCA also stated that it expects banks to treat customers fairly and provide adequate notice if they decide to close an account. Quoll 6, 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. Gold 2, Help for expats by Country. 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. Managing Director, Go Matilda Visas - www. Yes technically it breaks their policy but policy isn't law and so if they did find out and how would they? JetBlast It's understandable that they will change policies from time to time that might affect their operations in the domestic marketplace in certain countries. What is anyone else considering? I am currently out of work and need this money to live on. Crude Oil Fortunately I've several other UK bank accounts to fall back on.