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  #61  
Old 17.05.2023, 20:37
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Re: Barclays closing expat accounts

Yes, Wise does not pay interest on funds for Swiss domiciled account holders. Anyone aware of interest yielding accounts for EUR and GBP denominated cash for holders domiciled in Switzerland?
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  #62  
Old 17.05.2023, 22:01
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Re: UK Bank Accounts No Longer Offered in EU

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Incase anyone gets their bank account closed - I use HSBC Expat based in Jersey, which I presume will be unaffected and offers a decent enough service.
I have just been informed by Barclays that they are closing my account in 6 months. Do you still have your HSBC Expat account and is it still ok?

I have savings accounts in the UK that require a UK bank account to pay interest into: does HSBC Expat have a UK sort code and account number?
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  #63  
Old 17.05.2023, 23:07
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Re: UK Bank Accounts No Longer Offered in EU

https://www.englishforum.ch/finance-...-accounts.html
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  #64  
Old 18.05.2023, 00:00
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Re: UK Bank Accounts No Longer Offered in EU

I got my letter from Barclays today telling me I have 6 months to close my accounts with them. I've banked with them since 1975.
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  #65  
Old 18.05.2023, 06:28
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Re: UK Bank Accounts No Longer Offered in EU

Thread concerning Barclays doing this has been merged with this one.
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  #66  
Old 18.05.2023, 10:21
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Re: UK Bank Accounts No Longer Offered in EU

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I have just been informed by Barclays that they are closing my account in 6 months. Do you still have your HSBC Expat account and is it still ok?

I have savings accounts in the UK that require a UK bank account to pay interest into: does HSBC Expat have a UK sort code and account number?
With Revolut you get an UK Sort and Account No. That might work for you.
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  #67  
Old 18.05.2023, 11:40
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Re: UK Bank Accounts No Longer Offered in EU

Keep UK addresses on your Barclays account. Problem solved........... Why you would want to keep a Barclays account is beyond me though. If you are in it for the savings rate just buy some Gilts, they'll pay you a lot more than the crap rates banks offer you. Gilts can be bought from 100........
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  #68  
Old 19.05.2023, 09:14
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Re: UK Bank Accounts No Longer Offered in EU

Giving a UK address when you are not ordinarily resident for tax purposes would be illegal, and the taxman clamps down hard of you are caught.
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  #69  
Old 19.05.2023, 12:23
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Re: UK Bank Accounts No Longer Offered in EU

There's some noise online about Revolut since a couple weeks ago.

It's a truly engaging drama. Dodgy startup applied for a UK banking license since 2021. UK government wants the London to become Silicon Valley 2.0, but the risk of insuring customer deposits of the dodgy startup is too high.
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  #70  
Old 19.05.2023, 16:07
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Re: UK Bank Accounts No Longer Offered in EU

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Giving a UK address when you are not ordinarily resident for tax purposes would be illegal, and the taxman clamps down hard of you are caught.
How/why so?
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  #71  
Old 20.05.2023, 11:41
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Re: UK Bank Accounts No Longer Offered in EU

Because its considered a tax evasion strategy if you are ordinarily resident for tax purposes in another country. The clue is in the name.
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  #72  
Old 24.05.2023, 09:13
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Re: UK Bank Accounts No Longer Offered in EU

Geeze, it even affects UK Overseas Territories and British Crown Dependencies as well. Bet they're going to be happy.
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  #73  
Old 24.05.2023, 09:31
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Re: UK Bank Accounts No Longer Offered in EU

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Keep UK addresses on your Barclays account. Problem solved...........
Won't work because you will then get all correspondence in UK and not at your address abroad. There is still some correspondence that has to be physically delivered by post (such as online access codes, card replacements, etc). And I wouldn't have a UK address I could use anyway. Not to mention the tax implications elephant
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Why you would want to keep a Barclays account is beyond me though.
Because it was free and I already had it? Because with a UK account you can still make local payments, pay subscriptions with direct debits, receive money from UK persons and businesses, deposit checques, etc... Had to do all of this in the last year. May still be able to do some with Revolut but for how long I don't know...
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  #74  
Old 24.05.2023, 12:56
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Re: UK Bank Accounts No Longer Offered in EU

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Won't work because you will then get all correspondence in UK and not at your address abroad. There is still some correspondence that has to be physically delivered by post (such as online access codes, card replacements, etc). And I wouldn't have a UK address I could use anyway. Not to mention the tax implications elephant
Theres is also the possibility that bank reports the account as a potential MLA breach and your assets are frozen.

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Because it was free and I already had it? Because with a UK account you can still make local payments, pay subscriptions with direct debits, receive money from UK persons and businesses, deposit checques, etc... Had to do all of this in the last year. May still be able to do some with Revolut but for how long I don't know...
Well if you have a juicy asset, you may discover that the 180 day rule is Revenue practice and they do have another set of rules they can apply...
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  #75  
Old 24.05.2023, 13:07
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Re: UK Bank Accounts No Longer Offered in EU

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Well if you have a juicy asset ...

I wish... I'm only working with peanuts... Far from triggering any of those rules... but as the account was free it was convenient
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  #76  
Old 24.05.2023, 18:38
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Re: UK Bank Accounts No Longer Offered in EU

One positive point is that Barclays are waiving their bank charges for the transfer of funds to CH when one closes the account. I'm going to take advantage of this.
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