UK banks close British expat accounts
Two years on from Brexit and UK Banks are still notifying British customers of bank account closures.
These closures are affecting British customers no longer residing in the UK. They have a UK bank account, but their permanent address is in the EU. Retirees in Spain, France, Portugal, and many expats will be exposed to these changes. Many customers choose to keep their UK bank account to help their family in the UK, receive their pensions, and just in case they want to return home in the future.
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After Brexit, British firms and banks needed country-specific licences to continue operating in the EU, as they had lost their passporting rights. For many, this option was not cost-effective, and therefore they had to pull out of the EU consumer market.
As Brexit came to an end in 2020, many expats thought they had escaped these new measures; however, similar to many new measures being implemented because of Brexit, they can take time to be implemented and actioned. As a result, British expats should still expect to receive a letter even if they haven’t received one yet.
Brits with pensions or other incomes paid into a UK account before being transferred to their local euro account will have to find an alternative solution.
Here at Spartan FX, we have a solution for you.
- You can open a FREE account with Spartan FX. You do not need a UK address to be able to open an account.
- You will be given an account with your own IBAN. This makes it easier for third parties, e.g., friends, family and pension companies, to pay into your account.
- You can hold multiple currencies on account free of charge.