First actual problem re:Brexit

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katy
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Re: First actual problem re:Brexit

Postby katy » Fri Dec 04, 2020 12:27 pm

See post above yours, that is what I was responding to. Not all about you, read the small print as a “former banker”. I deleted it because I am not getting into another Brexit thread that discusses 4 year old news. We have left, time to get back on topic.
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Free at Last wrote: Thu Dec 03, 2020 8:40 pm I well remember during the referendum campaign raising the possibility of payments becoming more expensive and slower as a result of Brexit, and being told it was nonsense and scaremongering by people who supported the Leave campaign.

katy
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Re: First actual problem re:Brexit

Postby katy » Fri Dec 04, 2020 12:32 pm

Free at Last wrote: Fri Dec 04, 2020 12:15 pm I rather think she was referring to my post, not yours. I said that during the referendum campaign I had pointed out that bank transfer payments were likely to become more expensive and slower as a result of Brexit. I did say that - so that wasn't a lie.
K
I said that people who supported the Leave Campaign had told me that was nonsense and scaremongering. They did say that - so that wasn't a lie either.

The information Katy posted from Barclays clearly said that they were making a change to their terms and conditions because they could not guarantee how banks in the EEA would treat payments from the UK after 1st January 2020 - so it isn't a lie to say that they are doing so as a consequence of Brexit.

So where is the lie, Katy?
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elusive
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Re: First actual problem re:Brexit

Postby elusive » Fri Dec 04, 2020 12:51 pm

Wicksey wrote: Fri Dec 04, 2020 10:52 am
alpineSi wrote: Fri Dec 04, 2020 10:22 am It's interesting how the low countries appear so often on those account closing lists, I wonder if it's exceptionally hard to get banking licences there or is the client base just so miniscule it isn't worth it (presumably all the posted diplomats etc retain UK addresses, so this doesn't concern them).
I wondered that too. Nationwide are currently closing off Netherlands and Italy, but I'm hoping there's so many of us here they may decide to do whatever is necessary to maintain our accounts. I would have thought Spain and France had the most expats in the EU.
Yeah i agree. Ive probably said it now! But i guess the "safest"countries is those with the most uk national clients and the business that these banks do there. While the media talks about the negotiations they seem to be concentrating on fisheries etc but theres no mention of financial services. Is it a case of all or nothing? Even if they agree on 99 out of 100 issues if they dont agree on n.o 100 then its a no deal for everything?

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rafiki
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Re: First actual problem re:Brexit

Postby rafiki » Fri Dec 18, 2020 12:36 pm

We got email from Investec today:

As you know, the UK has left the European Union (EU). When the transition period ends on 31 December 2020, we will be significantly affected in the way we do business with our clients like you who are resident in the EU. Having carefully considered what this means for us, we’d like to explain how these changes will impact you.

 How this will affect you
 
As an EU resident, you can continue to use your existing banking or savings account(s) in accordance with our relationship agreement. However, we won’t be able to open any additional accounts for you. We’d be happy to explain this in more detail if you’d like to discuss it.
Brian.

katy
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Re: First actual problem re:Brexit

Postby katy » Fri Dec 18, 2020 4:27 pm

Are you rich :mrgreen:

elusive
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Re: First actual problem re:Brexit

Postby elusive » Tue Dec 22, 2020 3:47 pm

Just been reading on another site from a poster that they have been contacted by their uk house insurer that from next years renewal they cant cover their uk rental as they are non uk res.

Maybe something to check with your own insurance companies if you rent out in the uk

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Wicksey
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Re: First actual problem re:Brexit

Postby Wicksey » Tue Dec 22, 2020 5:29 pm

I've just renewed mine and they didn't say I couldn't, so hopefully that will be ok.

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peteroldracer
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Re: First actual problem re:Brexit

Postby peteroldracer » Tue Dec 22, 2020 6:04 pm

It will probably be like the banks. Those having a lot of business with clients in a Euro country will consider it worth their while sorting out licences etc, others will not.
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spanish_lad
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Re: First actual problem re:Brexit

Postby spanish_lad » Wed Dec 23, 2020 10:22 am

Makes sence peter, they are businesses after all
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Re: First actual problem re:Brexit

Postby Paddy Pumpkin » Wed Dec 23, 2020 4:31 pm

I am still trying to figure out why they need a licence. I hold accounts with banks outside the EU that don't have EU licences. They are not actively marketing to clients in the EU but if you call them up they will open an account for you.

elusive
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Re: First actual problem re:Brexit

Postby elusive » Thu Dec 24, 2020 4:09 pm

Trade deal has been done. Whether that includes financial services and what it means for the banks is to be seen. All they seem to care about is fish!
Last edited by elusive on Thu Dec 24, 2020 7:01 pm, edited 1 time in total.

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peteroldracer
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Re: First actual problem re:Brexit

Postby peteroldracer » Thu Dec 24, 2020 4:12 pm

Sounds about right - the whole thing stank from the beginning!
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Re: First actual problem re:Brexit

Postby Lavanda » Thu Dec 24, 2020 4:23 pm

:clap: :lol: :clap:

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Re: First actual problem re:Brexit

Postby elusive » Sat Dec 26, 2020 1:08 pm

https://www.santander.co.uk/personal/su ... der-uk-plc

Updates for anyone with santander uk.

Granite
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Re: First actual problem re:Brexit

Postby Granite » Sat Dec 26, 2020 3:54 pm

Nationwide Visa Gold Credit Cards - Our current cards were due to expire 02/21. We have recently received new cards valid 12/20 - 02/24. I presume they were issued to beat final Brexit at end of year but not sure why.

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Re: First actual problem re:Brexit

Postby ashtondav » Sat Dec 26, 2020 6:21 pm

We often get cards 2 months early

Granite
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Re: First actual problem re:Brexit

Postby Granite » Sat Dec 26, 2020 7:15 pm

OK. I just noticed that for the first time since having the cards for many years the valid from month on a new card is not 01.

ebyard
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Re: First actual problem re:Brexit

Postby ebyard » Tue Dec 29, 2020 4:19 pm

Paddy Pumpkin wrote: Wed Dec 23, 2020 4:31 pm I am still trying to figure out why they need a licence. I hold accounts with banks outside the EU that don't have EU licences. They are not actively marketing to clients in the EU but if you call them up they will open an account for you.
Simple - those banks are outside EU jurisdiction and thus none of the guarantees EU member states agreed to (protection of capital, etc) apply. So you're on your own. However, the UK will want to maintain similar financial regulation as the UK does so much business with the EU.

UK banks will need EU approval to operate as before, something unlikely to happen anytime soon - you can hear the screams of Farage etc on that one. There's nothing to stop you getting a UK bank account held in Euros and withdrawing in or transferring funds to your Spanish bank account. You can look at internet banks/services like Revolut. The exchange rates are MUCH better anyway.

Frankly, we are going to be tied to EU rules so much (given we are geographically so close and do so much trade) that give it 10 years and a change of Govt and we'll be applying to rejoin.............maybe.

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Re: First actual problem re:Brexit

Postby Paddy Pumpkin » Tue Dec 29, 2020 6:09 pm

If I understand you correctly then I think what you are referring to is 'equivalance' This means the regulations in the home country of the bank are similar to the EU and therfore the EU let's the bank operate in the EU.

However 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 then the UK banks couldn't offer credit cards or saving and current accounts.

Some UK banks get around this by having a separate legal entity in the EU. This is what Revolut does, so if someone in Spain tries to open a Revolut account toay then the account will be with the Revolut subsidiary in Lithuania. 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.

Additionally when I lived outside the EU I could open a UK bank account no problem.

I just chose a random small bank with no EU operation, Bank of Queensland. I can open a bank account with them online and don't have to live in Australia.

katy
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Re: First actual problem re:Brexit

Postby katy » Tue Dec 29, 2020 8:29 pm

I have a USA bank account without problems.


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