Banking Matters

Immediately before Brexit happened many of the UK high Street banks warned of their plans to close Expat customers’ current accounts.

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Expats have reported in social media that they have had letters to that effect.

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According to the Telegraph in September 2023, Barclays was then writing to customers with a six-month warning that they would no longer be able to hold a Barclays UK current or savings account, leaving some customers unable to access their savings and pensions. The bank’s decision followed a review begun in 2021.

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The bank did offer an alternative. Expats could open a global account with Barclays. However, customers needed to always have a minimum of £100,000 in their account. Dropping below that threshold would result in a monthly charge of £40.

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Using the local currency is part of daily life. “Plastic fantastic” works for a lot of businesses that don’t take cash following Covid-19, but in some countries and rural areas, there is still a strong cash economy.

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​Opening a new bank account in your country of residence may not be the right solution. The account opening criteria may not suit your needs [some require hefty deposits to get you started], and the foreign government may introduce restrictions on how much can be withdrawn at any one time.

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Create a wish list of what you would want from a bank abroad. Your requirements may include:

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     1. A good exchange rate

     2. Instant access 24/7 to the account

     3. A debit card

     4. Ability to use different currencies

     5. Instant flow of funds in and out of the account

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