Thousands of British citizens living abroad will lose their UK bank accounts.
British citizens who have moved abroad to live in the EU will soon have their UK bank accounts closed against their will.
Barclays and Lloyds have already told customers their accounts will close at the end of the year.
This is because the UK has not agreed to a post-Brexit trade deal. Without new laws, customers living abroad will no longer be able to hold an account with major UK banks. Lloyds Banking Group said 13,000 of their customers will be affected. Other banks, like HSBC, Santander and Natwest are still reviewing the situation.
This is distressing news for British people who live abroad, particularly pensioners who have retired abroad, looking for a simple and relaxing life. This can have serious implications for how these people receive their pensions. All future payments to bank accounts after the cut off date will be returned to sender, which may leave pensioners without access to their pensions. Emigrants will be confused and unsure of what to do.
sync. can help.
We offer a multi-currency account for free. It allows customers to hold both British Pounds and Euros at the same time. You can receive payments straight into your sync. current account, so it’s easy to transfer existing payments to your sync. account. You can open an account in minutes, transfer money between currencies using great exchange rates, and spend your money all over the world, wherever Mastercard is accepted.
Customers can also connect their existing Spanish, French, Irish and British bank accounts into the app using Open Banking. This allows you to see your balance and recent transactions across all your accounts through the easy-to-use home screen.
Read more about this news on The Guardian.
Let’s make a difference.
Share this article
to download on