04 December 2020
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Expats are being hit by more banks closing accounts for Brits living in Europe ahead of the end of the Brexit transitional period.
At least 10 banks, building societies and credit card firms have now decided to close accounts held by Brits living abroad in Europe as a result of Brexit. Barclays is closing accounts for customers in Belgium, Estonia, Italy and Slovakia who don't have a UK address.
Lloyds Banking Group, including Bank of Scotland, Halifax and Lloyds Bank, has confirmed it is closing accounts for customers based in Germany, Italy, the Netherlands, Portugal, Republic of Ireland and Slovenia.
Santander isn't closing accounts at this time, but non-UK residents can no longer open accounts with the bank, and existing customers won't be granted new requests for new or increased overdraft limits, credit card limits or additional cardholders.
The Co-operative Bank is closing accounts in the Netherlands. Coutts is closing accounts for all Britons living in the EEA while Cynergy is shutting down accounts for all Brits living in the EU.
Nationwide will close expat accounts of British citizens living in Italy and the Netherlands.
Among other banks, HSBC said it was well-positioned to support customers in the EU and there are no changes in products and services.
UK financial services firms currently operate under European Union (EU) rules that let them ‘passport' their services across the trading bloc.
Without UK-based services, expats will need to open accounts locally, but could also be hit with hefty transfer fees if they need to pay for items back home.
The UK regulator the Financial Conduct Authority has written to banks to remind them of their obligations to customers if they choose to close accounts, including giving at least two months' notice before closing current accounts that are in credit.
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