However if I call up Santander UK or Natwest UK neither of these will let me open an account in EUR, GBP or any other currency.
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Unless ifs changed recently since i last looked santander and many high street banks offer basic non uk resident bank accounts .took them years to start doing it after been told their refusals were against E.U law. Kinda ironic now!
First actual problem re:Brexit
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Re: First actual problem re:Brexit
It has changed recently...someone posted about the update from Santander above? Who was it???elusive wrote: ↑Tue Dec 29, 2020 9:57 pm However if I call up Santander UK or Natwest UK neither of these will let me open an account in EUR, GBP or any other currency.
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Unless ifs changed recently since i last looked santander and many high street banks offer basic non uk resident bank accounts .took them years to start doing it after been told their refusals were against E.U law. Kinda ironic now!
The basic EU residents accounts are also being withdrawn. Look at Natwest website they even say now you have the right to open the account (whilst still in the EU) but if the account opening process doesn't get finished before transition period ends then the account won't be opened.
Re: First actual problem re:Brexit
Yes i posted the update but didnt directly look to see if it included the non resident accounts. Logically the updated t&c's would be for non residents wanting to open explicitly accounts for uk nationals.
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Re: First actual problem re:Brexit
Thanks I had a listen. My takeaway....Banks are just using this as a cover story to get rid of customers.
There is an interview with Professor Sarah Hall (I read her profile online, if she doesn't know then nobody does), she comes to the conclusion...call HSBC they will open an account for you.
So basically legally HSBC are not restrained so why are others, so therefore it can only be a commercial decision now that Brexit has made the cost of business increase for the banks. So banks make the logical decision to either pass the cost on to the customer or stop doing business. Tough to argue with that
There is an interview with Professor Sarah Hall (I read her profile online, if she doesn't know then nobody does), she comes to the conclusion...call HSBC they will open an account for you.
So basically legally HSBC are not restrained so why are others, so therefore it can only be a commercial decision now that Brexit has made the cost of business increase for the banks. So banks make the logical decision to either pass the cost on to the customer or stop doing business. Tough to argue with that
Re: First actual problem re:Brexit
Gerry Harris
Re: First actual problem re:Brexit
Hola
The article is scaremongering; my solicitor has been helping both Americans and Canadians with this “problem” that will now affect UK buyers. In reality it simply adds about two months to the buying process and is not a real problem in most cases.
Davexf
The article is scaremongering; my solicitor has been helping both Americans and Canadians with this “problem” that will now affect UK buyers. In reality it simply adds about two months to the buying process and is not a real problem in most cases.
Davexf
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Re: First actual problem re:Brexit
2 months delay at present when there are 150 non EU buyers per year. So the system is set up to process 150 applications per year (give or take)
What will happen when there are 800 applications extra? We all know Spanish bureaucracy, do you think it will suddenly expand capacity to meet demand?
What will happen when there are 800 applications extra? We all know Spanish bureaucracy, do you think it will suddenly expand capacity to meet demand?
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Re: First actual problem re:Brexit
This is the top story in the DT and should not be behind the paywall:
https://www.telegraph.co.uk/business/20 ... -brussels/
https://www.telegraph.co.uk/business/20 ... -brussels/
Re: First actual problem re:Brexit
Yes and has the trade deal part of Brexit been ratified? ( No)
Is there a breakaway group of 8 EU countries that includes Germany wanting more free trade and less protectionism a la France/Italy? (Yes)
Plenty more stuff to crawl out of the woodwork methinks.
Is there a breakaway group of 8 EU countries that includes Germany wanting more free trade and less protectionism a la France/Italy? (Yes)
Plenty more stuff to crawl out of the woodwork methinks.
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Re: First actual problem re:Brexit
This will only cover equivalance.
Equivalance only covers Investment and Asset Management. It doesn't cover day to day retail banking. So even if the UK mirrored the EU regualtions exactly, and agreed to everything the EU wanted, then the UK banks couldn't provide credit cards or saving and current accounts and compete with EU banks in the EU, as retail banking is not covered by equivalence.
This is why you don't for example have US banks offering retail banking in the EU, they have to open an entity within the EU to offer retail banking in the EU.
Equivalance only covers Investment and Asset Management. It doesn't cover day to day retail banking. So even if the UK mirrored the EU regualtions exactly, and agreed to everything the EU wanted, then the UK banks couldn't provide credit cards or saving and current accounts and compete with EU banks in the EU, as retail banking is not covered by equivalence.
This is why you don't for example have US banks offering retail banking in the EU, they have to open an entity within the EU to offer retail banking in the EU.
Re: First actual problem re:Brexit
Also another article in Telegraph today. Don't think it is too worrying. It does explain some of the costs to EU for doing this in the long term. According to Wiki Europe's financial markets are way down the ratings. At the moment though it is like the EU and UK are going through a nasty divorce.Lavanda wrote: ↑Thu Feb 11, 2021 11:19 am This is the top story in the DT and should not be behind the paywall:
https://www.telegraph.co.uk/business/20 ... -brussels/
https://www.telegraph.co.uk/business/20 ... -brussels/
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