First actual problem re:Brexit

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fyfin
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Re: First actual problem re:Brexit

Postby fyfin » Wed Sep 16, 2020 10:53 am

I haven't heard anything from Nationwide. I have a current account, a credit card and a debit card (joint account so my wife has all the same). The credit card is handy as Nationwide still give the full commercial rate on credit card transactions over here. I opened a Transferwise account some time ago but only use it for transfers, however, my wife decided she would like to use it to have her post office pension paid in and so she has a UK sort code and account number and also a euro account (they call them balances, not accounts). She has found it very easy to transfer between balances and on to a euro bank account.
So as someone previously mentioned, you could use it as a UK bank account, same as Revolut
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Re: First actual problem re:Brexit

Postby Lavanda » Wed Sep 16, 2020 12:02 pm

Today I got an actual letter in the post from BarclayCard repeating the information they sent in their earlier e-mail. They also wrote, and I quote: "... the way the UK leaving the European Union (EU) could affect some of our customers with an address in the European Economic Area (EEA).

I, too, have a Nationwide account and they know I am a resident in Spain and my tax situation. I have not been notified that the account is under threat of closure but I am not allowed to apply for a credit card unless I have a UK residential address.

PS Beachcomber, I do not think actual bank accounts are currently under threat but, for me, the BarclayCard will have to go and I am barred from applying for a new credit card with a British bank because I am not resident in the UK.

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Re: First actual problem re:Brexit

Postby elusive » Wed Sep 16, 2020 3:06 pm

Article from The Telegraph

Britons in the EU face bank account closure 'lottery' due to Brexit
Lloyds is closing 13,000 accounts belonging to customer resident in the EU from November

Text deleted by mods as it is all copyright. See rule 1-2.

Please just post the link to the content. Sadly it will be behind a paywall so it may not be possible for some members to get access. Alternatively just post the salient points in your own words.

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Re: First actual problem re:Brexit

Postby Lavanda » Wed Sep 16, 2020 4:00 pm

Wow! That is very interesting. So, there is no blanket approach to having, or not, a UK bank account if living in the EU. So, more uncertainty and dithering to come.

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Re: First actual problem re:Brexit

Postby gerryh » Wed Sep 16, 2020 4:46 pm

Elusive, thanks for the post.
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Re: First actual problem re:Brexit

Postby elusive » Wed Sep 16, 2020 5:06 pm

Sorry didnt realise copyright. Before it was posted on f book i accessed the article by going to it via the reporters twitter account. You can see the article for 10 secs before the paywall comes up. So keep going in and out to read the whole thing

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Re: First actual problem re:Brexit

Postby Beachcomber » Wed Sep 16, 2020 8:22 pm

This is the direct lnk to the original article in the Telegraph. It doesn't time out for me so you may be lucky:

https://www.telegraph.co.uk/personal-ba ... ry-brexit/

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Re: First actual problem re:Brexit

Postby maureenscot » Thu Sep 17, 2020 12:34 am

I have used my credit card for Arnold Clark and Enterprise in Inverness. I told them that I did not have a credit card. But even if they had refused my bank is in the same street so would have gone into the bank to get cash.

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Re: First actual problem re:Brexit

Postby maureenscot » Thu Sep 17, 2020 12:34 am

Sorry my Debit card

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Re: First actual problem re:Brexit

Postby maureenscot » Thu Sep 17, 2020 12:35 am

And of course I have to use it for Flights, Booking.com etc

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Re: First actual problem re:Brexit

Postby Unicorn » Sat Sep 19, 2020 1:10 pm

This is from the Telegraph article September 11th
'A spokesman said no account closures were planned for now. Barclays is “reviewing the situation” to make sure it complies with the law in each EU country in which it has customers as the Brexit transition progresses and said it would contact anyone affected by account closures directly.'Sep 11, 2020

EDIT. This is a copyright article. House rules do not allow posting of any such articles. Just post a link to it. Sid

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Re: First actual problem re:Brexit

Postby elusive » Sat Sep 19, 2020 2:58 pm

Also says hsbc have been moving customers over to the french subsidiary and Santander and natwest have no plans at present to close accounts. So all up in the air. I have a lloyds account yet have had no communication about it been closed. Maybe they are only bothering with ones that are actually active and been used?

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Re: First actual problem re:Brexit

Postby Beachcomber » Sat Sep 19, 2020 3:58 pm

I have posted a link to the Telegraph article above.

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Re: First actual problem re:Brexit

Postby peteroldracer » Sat Sep 19, 2020 4:49 pm

Barclays arbitraly closed my OH's Barclaycard account (that she had held for over 20 years) back in 2008 or 2009 IIRC.
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Re: First actual problem re:Brexit

Postby elusive » Sat Sep 19, 2020 5:28 pm

Yeah they seem to have been closing overseas accounts in many countries slowly but surely for a good amount of years when googling

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Re: First actual problem re:Brexit

Postby Lavanda » Sat Sep 19, 2020 5:47 pm

Apparently Nationwide do have a page on their site for people who live and/or work abroad and who want a Sterling account. There are restrictions such as no overdraft and there are Ts&Cs but it does seem to allow a UK bank account for people such as us.

https://www.nationwide.co.uk/support/su ... ing-abroad

Still no advance on the credit card but I have a few ideas to work around it by getting a Spanish bank's Mastercard for car hire.

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Re: First actual problem re:Brexit

Postby Beachcomber » Sat Sep 19, 2020 6:27 pm

It was an item on Moneybox today:

https://www.bbc.co.uk/sounds/play/m000mrcm

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Re: First actual problem re:Brexit

Postby elusive » Sat Sep 19, 2020 7:04 pm

Thanks beach. Seems the guy been interviewed was also hinting potentially that non residents might not be covered by the FSA comp scheme in the future either.

Less hope for some sort of deal re the passport scheme. But the way things are going....

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Re: First actual problem re:Brexit

Postby elusive » Sat Sep 19, 2020 7:06 pm

Lavanda wrote:
Sat Sep 19, 2020 5:47 pm
Apparently Nationwide do have a page on their site for people who live and/or work abroad and who want a Sterling account. There are restrictions such as no overdraft and there are Ts&Cs but it does seem to allow a UK bank account for people such as us.

https://www.nationwide.co.uk/support/su ... ing-abroad

Still no advance on the credit card but I have a few ideas to work around it by getting a Spanish bank's Mastercard for car hire.
Yeah alot of banks do this but will they continue as whats the difference between them just letting non residents keep their accounts or telling them you have to close yours but hey open this one instead? Obviously its a specialised non resident account but wouldn't they still need to have the passport as they have account holders outside of the E.U.at present i think the majority of these accounts are for non uk residents resident in the E.U

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Re: First actual problem re:Brexit

Postby Lavanda » Sat Sep 19, 2020 8:25 pm

I see what you mean, Elusive. Like almost everything else going on today it seems to be confusing ...


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