Barclays shutting our account- anyone else?

Hello

 Yes there is another thread running on here  at the moment,  plus there has been many more since this began to happen, with various banks since. early last year.

If you have access to a  UK address, this can resolve the issue.

Cheers

Elinspain

All UK Banks are closing accounts of UK account holders living in the EU as they can nolonger operate in the EU following Brexit. If you have relatives or friends who will allow you to use their address in the UK this could be an option to retain it. You may find the contents of this link informative:

https://lifestylegroup.es/uk-banks-close-accounts-brits-spain/ 

Not ALL UK banks, that article is from 2020.

Although the article was published in 2020, it was highlighting the changes to take effect from 1 January 2021 (the date the withdrawal agreement came into being). Post Brexit trade talks did not include financial services agreement between the EU and UK.

This link will provide further information and how UK banks can continue trading in the EU IF they open a headquarters or subsidiary HQ in the EU.

https://immigrantinvest.com/insider/uk-banks-operation-2021-en/ 

We have accounts with both HSBC and Nationwide and neither currently intend to close accounts for Spanish residents without UK address. I know because I asked them!

Not all banks, First Direct are more then happy that we are in Spain. In fact only this morning we have received a letter from them 👍

That may be the case with Nationwide if you are an existing customer  however, there are restrictions: 

Unless we let you know otherwise, you can continue to operate your accounts. But there are some limitations:

• We cannot open a new account for you.
• We cannot agree a new or higher limit on your arranged overdraft or credit card.
• We cannot offer ongoing service or advice for any investments you hold with us.
• You can continue to pay your mortgage and personal loans, but we won’t be able to increase the amount or the term of borrowing.

Your home insurance and protection cover will stay if you continue to pay your monthly or annual premiums.

https://www.nationwide.co.uk/help/brexit/common-questions-about-brexit/#what-happens-if-i-live-in-an-eu-or-eea-country

HSBC

Yes, your HSBC UK Bank Account will remain open providing that it is used at least once every 12 months. If there’s no activity, the account will go dormant. This means that it will be frozen, and you’ll need to pass some security checks to reactivate it as you would today.

https://www.hsbc.co.uk/help/brexit/#current-accounts

And this poses what exactly as a problem?

Both institutions are perfectly well aware of where we live, we rarely use the HSBC account, and so far we have had only very minor difficulties.

Yes, Barclays given me until November to close my account.    Been banking with them since I was 20, and I also get a teeny monthly payment into uk account that isn’t worth transferring here due to charges, so unsure as to what will happen to that?  Hey Ho, don’t you you just love Brexit.