First actual problem re:Brexit

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elusive
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Re: First actual problem re:Brexit

Postby elusive » 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!

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Re: First actual problem re:Brexit

Postby Paddy Pumpkin » Tue Dec 29, 2020 10:07 pm

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!
It has changed recently...someone posted about the update from Santander above? Who was it??? :wave:

The basic EU residents accounts are also being withdrawn.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.

elusive
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Re: First actual problem re:Brexit

Postby elusive » Tue Dec 29, 2020 10:14 pm

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

Postby Beachcomber » Sat Jan 09, 2021 7:47 pm

This BBC Money Box programme may be of interest:

https://www.bbc.co.uk/sounds/play/m000r33k

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Re: First actual problem re:Brexit

Postby Paddy Pumpkin » Fri Jan 15, 2021 8:40 am

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

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Re: First actual problem re:Brexit

Postby gerryh » Mon Jan 25, 2021 9:58 am

Another effect of Brexit.
https://english.elpais.com/brexit/2021- ... itons.html
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Re: First actual problem re:Brexit

Postby dxf » Mon Jan 25, 2021 10:48 am

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.

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Re: First actual problem re:Brexit

Postby Paddy Pumpkin » Mon Jan 25, 2021 10:54 am

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?

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Re: First actual problem re:Brexit

Postby Lavanda » 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/

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Re: First actual problem re:Brexit

Postby olive » Thu Feb 11, 2021 1:20 pm

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.

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Re: First actual problem re:Brexit

Postby Paddy Pumpkin » Thu Feb 11, 2021 3:04 pm

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.

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Re: First actual problem re:Brexit

Postby katy » Fri Feb 12, 2021 2:29 pm

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/
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.

https://www.telegraph.co.uk/business/20 ... -brussels/


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