First actual problem re:Brexit

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Trooperman
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Re: First actual problem re:Brexit

Postby Trooperman » Mon Sep 21, 2020 6:00 pm

Trawling the 'net and found this:

https://personal.natwest.com/personal/c ... s_hub.html

It's dated 2020 at the bottom of the page. What's on the page seems straightforward,

Does anyone know if this can include those of us who might be losing out from Barclays or Lloyds?
nil illegitimum carborundum

Lavanda
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Re: First actual problem re:Brexit

Postby Lavanda » Mon Sep 21, 2020 6:12 pm

I cannot imagine the banks are happy to see accounts close and money go elsewhere.

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Re: First actual problem re:Brexit

Postby elusive » Mon Sep 21, 2020 6:13 pm

Yeah most of the banks do this sort of account for the last few years or so after refusing to allow non E.U residents to open an account and then been told they couldnt refuse as it was against E.U law! but personally i dont see how they will continue with those as is there a difference between keeping the account that you have now open or saying that will have to be closed but you can have this one (in the link) instead. Both accounts require the bank to have a euro banking licence or what ever its called as they are still servicing clients who are E.U residents.

Be intrested to see what they say if anyone has any contact with their bank over it.

I have a lloyds account but have heard nothing and all the media reports dont mention spain yet the original f.book forum post was from someone in spain. My accounts pretty much dormant so its no issue but accounts with other banks are pretty vital. If they go it just maybe the straw.....
Last edited by elusive on Mon Sep 21, 2020 6:22 pm, edited 1 time in total.

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Re: First actual problem re:Brexit

Postby elusive » Mon Sep 21, 2020 6:15 pm

Lavanda wrote:
Mon Sep 21, 2020 6:12 pm
I cannot imagine the banks are happy to see accounts close and money go elsewhere.
I guess they dont care that much as other wise they would pay for a passport licence. They make very little off current accounts anyway.

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Re: First actual problem re:Brexit

Postby Lavanda » Mon Sep 21, 2020 6:20 pm

That looks interesting, Trooperman, thanks. However, they may not be able to offer that if the negotiations do not allow it. There’s also the old red herring of not being allowed to open a NEW account if you do not have a U.K. residential address. I’ve put it in ‘Favourites’ to keep an eye on it.

What happened to Globalisation and Free Markets and the U.K. being the world’s banking centre? What happened?

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Re: First actual problem re:Brexit

Postby elusive » Mon Sep 21, 2020 6:26 pm

The E.U resident account doesnt have the issue of needing a uk address as it was created for E.U residents.

I guess free markets etc only works if you are money laundering and helping fraudsters like hsbc etc (allegedly!)

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Re: First actual problem re:Brexit

Postby Lavanda » Mon Sep 21, 2020 7:13 pm

Sounds hopeful, Elusive, thanks.

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Re: First actual problem re:Brexit

Postby elusive » Mon Sep 21, 2020 7:22 pm

Im not sure lavanda as logically inorder to service an account for a resident in a E.U country they need to pay for the passport. Regardless of whether its a standard current account or a special account for E.U residents? Hoping im wrong but...

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Re: First actual problem re:Brexit

Postby Manchesteral » Tue Sep 22, 2020 10:33 am

Why can't you just have your pensions paid directly to a Spanish account.

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Re: First actual problem re:Brexit

Postby Lavanda » Tue Sep 22, 2020 10:47 am

I did explain that at the start. My first post.

Obviously, I can have my pensions paid into my Spanish account. Then, presumably, as I no longer have any pounds Sterling my taxes to the UK will be paid from my Spanish Euro account. I get to pay commission and fees twice in both directions plus I am at the mercy of the exchange rate. Maybe tax can be deducted at source but that's not the way it has worked yet as my tax situation is a bit complicated.

Then there's the credit card thing but I will have to get a Spanish credit card and can pay that in Euros so I am not so stressed about that now. It's all just a complete pain.

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Re: First actual problem re:Brexit

Postby Free at Last » Tue Sep 22, 2020 11:07 am

Manchesteral wrote:
Tue Sep 22, 2020 10:33 am
Why can't you just have your pensions paid directly to a Spanish account.
Because some pension providers will only make payments to a UK account. One of my former employers' final salary scheme (not public sector) is one of them. My SIPP provider is another. Fortunately my UK bank is not one of those which are currently closing accounts held by customers resident in EU countries. If it was, the only option I could see being open to me would be to open an offshore account to transfer my savings account to, and a Transferwise Borderless account, or other similar arrangement, which would give me a UK sort code and account number plus a debit card for spending in sterling, to have that pension income paid into.

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Re: First actual problem re:Brexit

Postby Lavanda » Tue Sep 22, 2020 11:28 am

That's a complication I did not know about. My OH is full of doom and gloom at the moment and says that if the fiasco in the UK with a second lockdown continues the country will be bankrupt and none of us will be getting any pensions anyway. That's a worry too far.

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Re: First actual problem re:Brexit

Postby Wicksey » Tue Sep 22, 2020 11:33 am

Manchesteral wrote:
Tue Sep 22, 2020 10:33 am
Why can't you just have your pensions paid directly to a Spanish account.
It's not just pensions. Some of us have rental income in the UK plus expenses that have to be paid locally, gas certificates, repairs, insurance etc and I want to keep a sterling account.

Although we cannot go there at the moment we do usually go to the UK a few times a year and like to pay with the UK bank's debit card for everything. Plus we order online groceries to be delivered to my FIL and so have accounts with Tescos etc, all of which I want to pay out in sterling (it's possible they wouldn't accept a Spanish bank account). Like Lavanda, I do not want money sent here and transferred into euros (without it being in my control as to when the exchange is made) and then have to pay out in sterling and pay more fees.

I know I can use Transferwise and can have a sterling and euro account, but they are not protected the same way as banks so I wouldn't want to keep anything more than a minimum amount in there, whereas we have money in the UK to use for emergencies.

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Re: First actual problem re:Brexit

Postby Free at Last » Tue Sep 22, 2020 11:38 am

Lavanda wrote:
Tue Sep 22, 2020 11:28 am
That's a complication I did not know about. My OH is full of doom and gloom at the moment and says that if the fiasco in the UK with a second lockdown continues the country will be bankrupt and none of us will be getting any pensions anyway. That's a worry too far.
See this UK Government website re pensions which confirms that UK pension providers "do not usually pay the money from your pension straight into an overseas account ..." I could get my Civil Service pension paid into my Spanish account and also my state pension when I become eligible for it, but not the other two, and the former employer's scheme is the largest one.

https://www.pensionwise.gov.uk/en/living-abroad

Wicksey, I quite agree with what you say but the Transferwise option is one I'd have to consider as a last resort if it became necessary. I would much rather keep a certain amount of sterling in a UK account to pay for things I buy either when I'm there or online from UK companies, and for payments such as birthday and Xmas presents. I don't want to transfer my savings account to a Spanish bank because of the IHT issue, where assets held in Spain which are inherited by someone who is not resident in Spain are subject to Spanish IHT.

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Re: First actual problem re:Brexit

Postby Lavanda » Tue Sep 22, 2020 11:51 am

I shop for my parents on-line with Sainsbury’s. I am normally in the U.K. five times a year to stay with my parents and do my part in helping them live their independent life. I agree with what Wicksey wrote and just because we live in Spain does not mean we do not have financial links with the U.K.

Is anyone raising these issues on our behalf with the U.K. Brexit treaties team - if such thing even exists these days?

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Re: First actual problem re:Brexit

Postby Lavanda » Tue Sep 22, 2020 11:53 am

Nationwide, at the moment, are not planning on closing any accounts of any British person living in the EU but ‘are watching developments’ in the Government talks.

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Re: First actual problem re:Brexit

Postby Lavanda » Tue Sep 22, 2020 11:55 am

I looked at the link you posted Free at Last but leaving your pension pot in the U.K. presupposes that you can do that. I wonder how often some of these sites are updated?

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Re: First actual problem re:Brexit

Postby elusive » Tue Sep 22, 2020 12:44 pm

Manchesteral wrote:
Tue Sep 22, 2020 10:33 am
Why can't you just have your pensions paid directly to a Spanish account.
State pensions are but theres alot more issues than just that. Some Private pensions charge (against E.U law! ) to send the money overseas.family members provider said they could but would charge when first looked into moving here. we arent that special so im sure alot of others ,as wicksey says are in the same position . we have rent from our uk house that has to be paid into an account. I hardly doubt they would be happy to pay it into a spanish account or would prob charge 3 weeks rent for the privilege! Also have uk direct debits connected to the house and other insurances. Plus savings accounts.

There is "banks"like revoult but as said above they arent protected so it would be something to be used to transfer money accross as soon as its recieved. We have family in the uk but i hardly doubt they would appreciate having to deal with D.D'S etc etc heck would an business even except a DD from another account that isnt in the insurance policy holders name etc. The more you think about it the more things come up. And you get to a point where it becomes to much hassle especially when family members can only cope with basic banking and are quite happy to put their head in the sand until the you know what hits the fan. Reading the comments in the daily fail i look forward to all the brexit voting D.F readers in spain having their accounts closed and then hacienda going after them for non declaration of assets :twisted:

Then theres cross border workers etc etc. :crazy:

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Re: First actual problem re:Brexit

Postby Free at Last » Tue Sep 22, 2020 1:34 pm

Lavanda wrote:
Tue Sep 22, 2020 11:55 am
I looked at the link you posted Free at Last but leaving your pension pot in the U.K. presupposes that you can do that. I wonder how often some of these sites are updated?
5 years ago (and I had already been living in Spain for years before then) I consolidated two small private pension pots into a new SIPP account with a UK based provider (a different provider from either of the two). There was no problem leaving the fund in the UK, although they did point out that payments out of the fund could only be made to UK accounts.

I haven't heard anything from that provider as yet about implications of Brexit, but pension funds held in the UK by EU residents could well prove to be an additional problem.

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Re: First actual problem re:Brexit

Postby Pamela1 » Tue Sep 22, 2020 1:44 pm

Lavanda wrote:
Tue Sep 22, 2020 11:28 am
That's a complication I did not know about. My OH is full of doom and gloom at the moment and says that if the fiasco in the UK with a second lockdown continues the country will be bankrupt and none of us will be getting any pensions anyway. That's a worry too far.
Yes it is a fiasco, many of us are fed up here of living in constant doom and gloom with more new announcements and gov scientists scaremongering predictions dominating the news...
They are panicing because they don't have the money to fund another lockdown and we are all paying for it one way or another and will continue to do so for the forseable.


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