UK Bank accounts for ex pats

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bobscott
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Re: UK Bank accounts for ex pats

Postby bobscott » Thu Sep 24, 2020 10:38 am

Thanks BST and Warwick. All on hold, but preliminary discussions with HSBC indicate that I/we can legally hold bank accounts with them subject to a minimum balance (which will not be a problem) both savings and current accounts and continue to operate them in the same way as we do now. Let's hope Santander arrives at a decision soon. Bob.
Yesterday today was tomorrow. Don't dilly dally!

Kilkis
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Re: UK Bank accounts for ex pats

Postby Kilkis » Thu Sep 24, 2020 11:28 am

As I mentioned before, HSBC offers banking services in Greece to customers in Greece. It has a legal entity registered as a bank in Greece. That means that it should have no problem at all with the changes in bank passporting.

As far as I can tell Santander does not have a legal entity in Greece so it could, I stress could, present a problem for them. It does have legal entities in other EU countries: Spain, obviously, Poland and Portugal. I don't know enough about the details of the passporting regulations to tell if that will be sufficient for it to offer UK services, i.e. accounts at its UK subsidiary, to people living in Greece. Time will tell.

Warwick

evansmr1
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Location: Pirgos, Kalo Horio,

Re: UK Bank accounts for ex pats

Postby evansmr1 » Thu Sep 24, 2020 1:19 pm

Please, can we all stop panicking, my wife also reads the forum and she is currently at 20,000 feet and climbing. She worries far too much.

Warwick (Kilkis) Many thanks for your long sensible post. Wife is slowly now descending after I read you long post to her.

Me, I am not at all worried. UK banks are robbing Buggers, but I am certain that they do not want to lose any of their Accounts, they are too tight,
Mike
=============
Sic parvis magnaike

Kilkis
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Re: UK Bank accounts for ex pats

Postby Kilkis » Thu Sep 24, 2020 1:54 pm

I agree about not panicking, Mike. I would say, however that it is worth thinking about what you would do if your bank does contact you and says that you can no longer have the account with a Greek address.

If it doesn't happen then you have wasted a bit of thinking time but, despite being a man, I find that I can multi-task at least to the extent of thinking and drinking at the same time. Since I spend a lot of time drinking that gives me a lot of potential thinking time, although I have found it is preferable not to prolong the thinking for too long. If it does happen then you already have a plan in place so there is no need to panic.

One of my accounts is already registered to my son's address. If the other bank contacts me I will simply transfer that account to my son's address so my plan is already in place. It took less than a quarter of a glass of gin and tonic and a barely touched small bowl of cashew nuts to come up with that plan so I am assuming it isn't a totally crazy idea. Those can sometimes happen using the "think while you drink" system. I find it safest to abandon "think while you drink" and switch to "eat while you drink" after one gin and tonic, or at most two. I also try to move on from "eat while you drink" to "watch telly while you drink" before the end of the first bottle of wine if possible.

With online banking I scarcely have any paper correspondence with the bank in either direction. Once per year I write a letter by snail mail to request a document and get a printed document back also by snail mail. If that one transaction needs to go in two hops, i.e. via my son's house, in each direction it is hardly the end of the world. It is never urgent.

Warwick

PS "Watch" in the "watch telly while you drink" phase is often a euphemism for "fall asleep in front of".

bobscott
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Re: UK Bank accounts for ex pats

Postby bobscott » Fri Sep 25, 2020 8:48 am

Kilkis wrote:I agree about not panicking, Mike. I would say, however that it is worth thinking about what you would do if your bank does contact you and says that you can no longer have the account with a Greek address.

If it doesn't happen then you have wasted a bit of thinking time but, despite being a man, I find that I can multi-task at least to the extent of thinking and drinking at the same time. Since I spend a lot of time drinking that gives me a lot of potential thinking time, although I have found it is preferable not to prolong the thinking for too long. If it does happen then you already have a plan in place so there is no need to panic.

One of my accounts is already registered to my son's address. If the other bank contacts me I will simply transfer that account to my son's address so my plan is already in place. It took less than a quarter of a glass of gin and tonic and a barely touched small bowl of cashew nuts to come up with that plan so I am assuming it isn't a totally crazy idea. Those can sometimes happen using the "think while you drink" system. I find it safest to abandon "think while you drink" and switch to "eat while you drink" after one gin and tonic, or at most two. I also try to move on from "eat while you drink" to "watch telly while you drink" before the end of the first bottle of wine if possible.

With online banking I scarcely have any paper correspondence with the bank in either direction. Once per year I write a letter by snail mail to request a document and get a printed document back also by snail mail. If that one transaction needs to go in two hops, i.e. via my son's house, in each direction it is hardly the end of the world. It is never urgent.

Warwick

PS "Watch" in the "watch telly while you drink" phase is often a euphemism for "fall asleep in front of".


Like it Warwick! Pressing on with HSBC though - it might be useful to spread the wealth a bit! After all, if Santander do their usual and send to us via snail mail, then it might not leave enough time to act before the deadline. Bob.
Yesterday today was tomorrow. Don't dilly dally!

evansmr1
Posts: 290
Joined: Tue Nov 09, 2010 3:00 pm
Location: Pirgos, Kalo Horio,

Re: UK Bank accounts for ex pats

Postby evansmr1 » Fri Sep 25, 2020 12:04 pm

Warwick, what a fanatic post, If there was a prize for the best post of 2020, this would win hands down.

I am so glad that you completed it before completing the first G&T.
Mike

=============

Sic parvis magnaike

Kilkis
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Location: Near Chania

Re: UK Bank accounts for ex pats

Postby Kilkis » Fri Sep 25, 2020 12:57 pm

It was only the plan that was completed before the first G&T was a quarter gone on the previous evening. The post was made a long time before any alcohol had been consumed on that day. I'm not an alcoholic - I never drink before breakfast. The sun had got nowhere near the yardarm when I made the post.

Warwick

Yorgo
Posts: 51
Joined: Sat May 05, 2018 10:16 pm

Re: UK Bank accounts for ex pats

Postby Yorgo » Sat Sep 26, 2020 1:50 pm

MONZO bank is outstanding. Instant transfers. Every transaction is instant. As soon as I click the send or OK button I have an instant message on my phone with the money transaction done. No fees for using ATMs while in Greece or UK up to a comfortable amount. They ask you "provide" a UK address. There has been some rocky times with Monzo but its ironing them out. It has over 5, Million members and is protected by the UK FSA.

bobscott
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Location: Kokkino Horio

Re: UK Bank accounts for ex pats

Postby bobscott » Sat Sep 26, 2020 2:10 pm

Which sort of brings us full circle again on the issue of legally getting a UK address! Bob.
Yesterday today was tomorrow. Don't dilly dally!

Yorgo
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Joined: Sat May 05, 2018 10:16 pm

Re: UK Bank accounts for ex pats

Postby Yorgo » Sun Sep 27, 2020 7:28 am

Monzo does not demand you live in UK - depending on which type of account you sign up to.


Kilkis
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Re: UK Bank accounts for ex pats

Postby Kilkis » Fri Oct 09, 2020 10:21 pm

It's a good article but it is a bit light on what you can do if your bank is one of those that decides to close your account. The British Banking Association claims to have 200 members operating in 180 jurisdictions around the world. The article's recommendation? HSBC might be able to help. I haven't checked in detail but I am not sure if any of the best 5 recommendations at the end of the article are available to ex-pats without a UK address.

I don't think people want telling what the problem is? They want telling what the answer is. Also it would be better if instead of giving random examples they provided a full table showing Bank X will no longer allow accounts in countries A, B, C and D, Bank Y will no longer allow accounts in countries E, F, G, H etc.

I guess one really useful thing in the article was that if your bank is going to close your account you should have heard by now so if you haven't heard they probably aren't.

Warwick

PS No criticism of you Kamisiana. It was well worth posting the link.

bobscott
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Location: Kokkino Horio

Re: UK Bank accounts for ex pats

Postby bobscott » Sat Oct 10, 2020 9:15 am

Agree entirely. Preliminary precautions can be taken for those of us who are still 'on hold' as it were; like opening an offshore sterling account in readiness. Santander Offshore offer a Gold Account which doesn't require a minimum deposit as such but require a balance of £25K to be kept in the account. It also comes with debit card and facility to operate Standing Orders and Direct debits. Obviously you can pay pensions from UK into it. Bob.
Yesterday today was tomorrow. Don't dilly dally!

Midlander
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Joined: Tue May 15, 2018 11:34 am

Re: UK Bank accounts for ex pats

Postby Midlander » Sat Oct 10, 2020 10:39 am

This article has a list of banks and a chart showing which countries are affected.

www.moneysavingexpert.com/news/2020/09/ ... -closures/

Kilkis
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Location: Near Chania

Re: UK Bank accounts for ex pats

Postby Kilkis » Sat Oct 10, 2020 11:22 am

Thanks Midlander. I always trust information from Martin Lewis. It's interesting that the banks that have already decided to close accounts all quote the same countries: Germany, Republic of Ireland, Italy, the Netherlands, Portugal and Slovakia. Perhaps there is something specific in the banking regulations of those countries that doesn't affect other countries?

Warwick


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