Barclaycard in the EU - Page 2

I picked this up off the Telegraph website this morning:

Cross-border rules after Brexit mean British banks will no longer be able to provide UK banking services to expats resident in EU countries unless they set up a separate legal entity in each region. This creates added costs for the banks and will result in services being cut in countries where it no longer makes financial sense to operate. Each bank will make its own decision on account closures according to the amount of business it does in each EU nation and the cost of keeping services going.

Customers say they face a 'lottery' as some banks cut services in their country of residence while others keep them going - and not all banks have announced their intentions yet.

Just a thought. A while ago I opened a Transferwise borderless account and deposited a token amount in both sterling and euros, just as a back-stop in case I had a problem with either UK or Spanish bank, and it looks like I may have to start using that.

Biggest problem I see is that some UK institutions refuse to pay benefits to non UK accounts. 

I have two relatively small annuities with L&G in UK which they won't pay to my Spanish bank.

Hasn't been a problem as I find it useful to keep a bit of liquid money in UK for incidentals, which sometimes crop up and to pay off a couple of UK credit cards I use occasionally.

I would be sad to lose one of the credit cards which I've held for over 15 years and has a limit of £15k which I've held onto as a valuable potential source of funds in an emergency.

Maybe I'll go out and buy a new car with it then flip them the bird if they tried to withdraw it and make me pay it off! 

Your opinion-based posts, Nicola, were driven by perfectly acceptable abbreviations and 1 spelling error......  Heaven forbid, a human being made a typo.  No doubt your website and all of your posts are completely error free.

Hopefully, the accurate information provided by other members will have reassured Tigerdon that this is not a scam.

Kind regards, 

Kim

Hi again Nicola thanks for all that and my suspicions were likewise. I have spoken direct to Barclaycard and the confirm that this is genuine and the person I spoke to agreed that the email was poorly written and very unprofessional.  I explained that 50% of people who have seen it thought it was scam. She was very nice and very helpful explained in detail that the british government have directed all financial institutions to proceed with this instruction.  Even read out her instructions from her boss verbatim to me over the phone. She also promised to speak with her boss tomorrow with regards to the poorly drafted email. For your information she told me I can put any uk address on my account...relative etc...and do not have to live there!  Wow! The things the British government are doing to encapsulate Brexit...that is what this is about she told me. So there we are. Thank you for your interest Nicola and I will post the information separately on here a little later this evening. 😊 stay safe.