British Ex-pats

[Georgina]

No, it’s definitely Lloyds UK and not international. It’s the account they had before they moved abroad ( around 10 yrs ago) and they just maintained it but make a point of ensuring regular transactions go through it.


I had current and savings accounts in both GBP and USD with HSBC Expat ( jersey) opened when I was working in Dubai. The GBP current account has UK style sort code and account number.

Don’t recall any issues with country restrictions

HSBC Expat is what I am looking at now.

I have lived in Egypt for 20 years and never had problems until now...

[Chrisch]

...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.

[Georgina]

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.

Thank you so much for this interesting and helpful reply.

Sending you a virtual hug right back

[Chrisch]

I did a bit of internet research and Revolut is EEA resident only, so not Egypt.

Let me know if you have any success, we are going backwards in the world.

[F.P.]

Can I ask what the British non-residents are doing now we are being asked to close our British bank accounts?

Wife's cousin is a USA resident. He uses his brothers England address for his UK bank account. Do you have a relation you could ask?

[Georgina]

Wife's cousin is a USA resident. He uses his brothers England address for his UK bank account. Do you have a relation you could ask?

I did speak to the bank about this and they said I can change the address myself to a UK address but it didn't change the country, only the bank can do that. They are still sticking to the same deadline for closure of my account. With all my transactions clearly in Egypt I will find another solution while I can take my time rather than in a panic to find they have closed my account as they keep warning me.

[Stig]

No, it’s definitely Lloyds UK and not international. It’s the account they had before they moved abroad ( around 10 yrs ago) and they just maintained it but make a point of ensuring regular transactions go through it.


I had current and savings accounts in both GBP and USD with HSBC Expat ( jersey) opened when I was working in Dubai. The GBP current account has UK style sort code and account number.

Don’t recall any issues with country restrictions

Well, Lloyds haven't caught up with my sister yet. She's lived in France for 8-9 years and hasn't been told to close her UK account (yet)

[Georgina]

Well, Lloyds haven't caught up with my sister yet. She's lived in France for 8-9 years and hasn't been told to close her UK account (yet)

This is what their website states: https://www.lloydsbank.com/savings/h...0Markets%20plc.

[Chrisch]

A lot of people getting caught out now. The banks are obsessed with money laundering legislation but the truth is that ordinary people that have moved about (as once we were encouraged to do) are getting shafted and the super rich Russian gangsters are laundering their money just as easily as ever.

The normal work around is a friend or family member in the country of origin so the person can pretend (lie more exactly) about their domicile. In the final analysis this work around is fraud and at some point in the future might be seen as such and punished as such.

The whole thing is stupid given I can base myself nearly anywhere in the world by virtue of the internet. You can get virtual phone numbers and virtual offices and whatever domain name on the com extension which is globally recognised as business. The domains are moving now to things like dot 'shop' or dot 'me' so geographic location is irrelevent. Everything is moving in that direction and the banks are moving back to the 1960s.

[Jay_Benson]

everything is moving in that direction and the banks and the uk economy are moving back to the 1960s. Jacob rees-mogg remains in the 1760s

ftfy