Ex-pats - Bank, Buiklding Society & Credit Card accounts being automatically closed by more UK banks

[Langtoftlad]

I do know that ex pats resident outside the EU have no problem having UK bank accounts.

Cake and eat it is not at all appropriate . A remark made without knowledge

I don't know what the issue is, be it commercial or the EU being difficult.

I presume your tax goes towards your pension & health entitlement.

 

[nicholsong]

Have I got this right...
Residents living in another country are complaining they can no longer benefit from some of the advantages of the country they've abandoned?

Having your cake & eat it comes to mind.

Stephen it is not 'an advantage of the country', but an commercial advantage of certain banks who decide to have a licence in your country of residence or not. My bank has a Polish licence and operates here.

One could live in a certain country, have an account with a bank of that country and as long as it has a UK banking licence you could have a UK account with them.

As for advantages in UK when one has 'abandonned' the country, as you put it, one is legally entitled to certain UK services when there e.g. NHS and the right to work, even if not normally resident there.

Geoff

 

[Langtoftlad]

So what's the whinge?

 

[spitfire]

So what's the whinge?

Who’s whinging . Certainly not me . The OP was just pointing out a fact and as the people who are affected by it have just been explaining the reasons why we still have a U.K. account as this was asked . I certainly haven’t seen any whinging . Only the usual snide remarks to anyone who has taken an adventure to live elsewhere .

 

[nicholsong]

It was mentioned earlier about getting better returns on money than banks and I did not respond then.

One way to have access to money almost immediately is to invest it Tradable Bonds which are quoted on the Stock Exchange. If issued by solid companies their value changes little from the issue coupon price because it is based on the interest payable which can be 4% upwards. They can be easily sold.

I have one paying 6.25% and have held it for 6 years, during which the price has fluctuated little and is just over coupon.

The pure cash I have is awaiting putting down as deposit on a new Morelo of course

Geoff

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[Pete5996]

Have I got this right...
Residents living in another country are complaining they can no longer benefit from some of the advantages of the country they've abandoned?
Having your cake & eat it comes to mind.

Abandoned? Not while 75% of my income tax stays in the UK, no doubt funding the services you enjoy. Please - there's no need to thank me!

I do know that ex pats resident outside the EU have no problem having UK bank accounts.
I don't know what the issue is, be it commercial or the EU being difficult.
I presume your tax goes towards your pension & health entitlement.

The issue is to do with UK banking institutions not currently having reciprocal arrangements with individual countries in the EU, not needed until now.

41 years of UK pension and NI payments should have funded my pension and health cover. If successive governments didn't invest it properly, that's not my fault.

So what's the whinge?

Not whinging here either - just a hiccup to be dealt with like a few others. I'll cope, ta

Forgive me if I'm wrong but do I detect the tiniest note of bitterness in your posts?

 

[nicholsong]

As Pete 5996 says paying tax there is hardly abandonning the UK.

I pay 100% of my tax there on 100% of my income.

 

[Brains]

The solutions are very simple.
Either, put the U.K. account in a friend or family members U.K. address, or use a boatmail address. ( I do the latter)

The reasons are simple, to benefit from the U.K. banking laws guarantees of deposited funds should a bank go belly up, and to have funds transferred at preferential exchange rates at the time of your choosing.

same applies to pensions, they can be paid to EU accounts, but the FX rate is pants. Better into. U.K. account in GBP and transfer when it suits.

I use TransferWise as and when I want funds, direct into my Portuguese bank, and at a far better FX rate than the banks.

Its also usefull when making online purchases from Amazon etc.

A UK address is the best/easiest option.
I host an address for a relative who lives in the EU.

 

[Sapper520]

Having lived abroad for work, and having family living abroad for work, it’s far easier to have a UK address.

Not just for banking but for a number of other administration reasons.

 

[gus-lopez]

When we left the UK in 2005 we informed Barclays and they stated very clearly that without a UK address we couldn't have an account with them, seemed reasonable.

I had no problems changing TSB, HSBC & Lloyds to here in 2002?

I don't know what the issue is, be it commercial or the EU being difficult.

Most UK banks do not have individual licences to operate in each country. HSBC does as it is asian.Others have odd country licences here & there.

So what's the whinge?

Most banks don't have licences & are shutting accounts if not transferred to a UK address. Even then any who use them to pay dd's & s/o's won't be able to use that facility if the bank has no licence for that country.
Like ADAC it is all to do with the B word..

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