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Thread: British Ex-pats

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    Established TDF Member Georgina's Avatar
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    British Ex-pats

    Can I ask what the British non-residents are doing now we are being asked to close our British bank accounts?
    ..........o ><)))*>
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    Georgina

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    Established TDF Member steelemonkey's Avatar
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    Why is this happening?
    Paul.
    If God had meant us to breathe underwater, he would have given us larger bank balances.
    Human beings were invented by water as a means of moving itself from one place to another.

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    Established TDF Member Georgina's Avatar
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    Quote Originally Posted by steelemonkey View Post
    Why is this happening?
    Something to do with Brexit.
    ..........o ><)))*>
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    Georgina

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    Established TDF Member jamesp's Avatar
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    Quote Originally Posted by Georgina View Post
    Something to do with Brexit.
    Brexit is not even responsible for Brexit.

    No idea what the banks are playing at, or why; but I would suggest going out of your way to hang on to the uk account.
    Opening a bank account at the moment appears to be unbelievably long winded: If possible.
    I`ve been trying to open a business account, and failed twice in six months for unknown system reasons; I thought I must be having a brain fart in old age, until a friend said they were having major issues trying to open new business accounts for their recently split group: That`s a £20M business, and they get shite service.

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    Must be a relatively new thing

    We lived overseas for over 20 yrs ( came back 2 yrs ago) and never had an issue.

    Still have family living in Middle East and with UK bank account and credit card ( Lloyds). As far as I know they havenít have any request to close those.

    A lot of banks were closing accounts for customer in Europe due to issues with uk v Europe bank laws as a result of Brexit but I wouldnít have thought this would affect Egypt

    You could always try one of the major banks in Channel Islands. They can offer GBP account with UK sort codes though will charge a small fee for transfers out.

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    Get a wise account - simple

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    Quote Originally Posted by graham_hk View Post
    Get a wise account - simple
    The Wise multi currency account is a wonder to behold.

    Assuming you can get it in the Country you officially reside in. And pass the usual anti money laundering stuff.

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    Tofu eating wokerato Chrisch's Avatar
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    Brexit bollocks and anti money laundering. My estate agent in France having same issue. Revolut is worth a look but don't know if they do Egypt.

    Our Tory 'friends' don't want dirty forin types having anything to do with the UK. Oh no.
    There are only two things that are infinite, the universe and Tory corruption and I am not sure about the universe.
    With apologies to Albert Einstein.

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    Established TDF Member Georgina's Avatar
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    Quote Originally Posted by jamesp View Post

    No idea what the banks are playing at, or why; but I would suggest going out of your way to hang on to the uk account.
    I have tried. But they gave me a deadline a long time ago and they are sticking it and sending regular warnings. I tried changing my address online but you cannot change the country.

    Quote Originally Posted by John63 View Post
    Must be a relatively new thing


    Still have family living in Middle East and with UK bank account and credit card ( Lloyds).
    It must be a Lloyds International Account. I have a Lloyds account in the Isle of Man but same thing there, they have just let me keep savings in fixed term and renew it but if I want to open a Lloyds International Account it is not allowed living in Egypt.

    Quote Originally Posted by graham_hk View Post
    Get a wise account - simple

    Quote Originally Posted by MarkA View Post
    The Wise multi currency account is a wonder to behold.

    Assuming you can get it in the Country you officially reside in. And pass the usual anti money laundering stuff.
    I just Googled it. But is it like a bank account where I can keep my savings and earn interest as well as a current account for everyday use?

    Quote Originally Posted by Chrisch View Post
    Revolut is worth a look but don't know if they do Egypt.
    But is it like a bank account where I can keep my savings and earn interest as well as a current account for everyday use?

    I have looked at every British high street bank's website and they all say the same. No bank account for non-residents. Some offer International Bank Accounts with high minimum deposit to open the account, free bank use, but if you dip into the minimum deposit bank charges can be for example 35 GBP per month until you return back to the minimum balance.

    I even contacted an Egyptian bank that is set up in the UK but minimum 120,000 GBP to be held in the account in savings or any account.
    ..........o ><)))*>
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    Georgina

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    Tofu eating wokerato Chrisch's Avatar
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    Quote Originally Posted by Georgina View Post
    ...is it like a bank account where I can keep my savings and earn interest as well as a current account for everyday use?..
    I don't think you will find such a thing. Firstly banks don't want savings accounts much these days as it is much cheaper to borrow on the wholesale market than borrow from end customers. Second a current account is loss making and banks really only make money by lending, ideally big amounts through mortgages and by selling other products like insurance.

    By seeking an account in another currency you are showing that you are unlikely to be a profitable customer. Some banks will let you operate an account from a foriegn country but there is usually a fee. We had a Luxembourg account from when we lived there. When the idiots took us out the EU my missus sent a message to them and a copy of her Irish passport and the message back was they would allow her to keep the account open - no problem. However the latest statement was showing a 40 Euro a month charge which it turns out is the "fee" for living somewhere foreign. (This is BNP bank)

    Some companies allow you to have an account that functions as a bank account. Revolut is the one I know something about but to be very honest with you not enough to be very helpful (sorry). It is a financial service not a bank and doesn't have the consumer guarantee for savings. My French estate agent has the same/similar issue as you and needs to transact in UK. Revolut has a UK sort code if my understanding is correct. This is a requirement for some in payments such as state pension I think? It certainly makes it easy(er) to handle UK revenues.

    But basically the system doesn't want you to do what you are doing so you are going to get hassle. Banks do not want your savings and they want you to pay for the service you get from them. The UK is very unusual in having "free" banking. The banks have tried to get rid of it a number of times. Their marketing effort is aimed at getting customers onto pay-for accounts.

    The options out there - as you have found out - are for rich people not the likes of you and I.

    There are financial products that let you buy and sell in currencies other than the domestic currency of your domicile, but I don't think you will find traditional banking services that do so. All of what I found thus far also run on a smartphone app not a web based system. It is pissimg me off as well. Have a virtual hug.
    There are only two things that are infinite, the universe and Tory corruption and I am not sure about the universe.
    With apologies to Albert Einstein.


 
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