Banking in the future

I’ve recently had a message from Currencies Direct… a bit of a surprise, as I haven’t used them for about 10 years.

Anyway, they’ve assured me that my “account” with them is still open/valid and that my future needs will be handled by their foreign branch… outside of UK after Brexit… without me needing to worry about anything.

Phew… that’s one positive thing… in these uncertain times.

damian john letstryagain

26m

I have not had any problems with Barclays to date. I did receive a ‘rounf robin’ about some regulatory changes but no mention of any threat to my checking account status.

Please read the ‘round robin’ again. It clearly states in the terms and conditions that the accounts and all savings products are only to be held by U.K. residents after April 2021. We have until then to make alternative arrangements. A bit of a concern.

IIRC the round robin only said “we may” close your account, not that they will :wink:

Yes, HSBC entered the French market by acquiring CCF, a small French Bank. It was still branded CCF when my UK HSBC man put me in touch with them. My French HSBC man confided in me sometime last year that HSBC HQ have put them up for sale as HSBC refocusses on the Far East.

Covid seems to have put things on hold but as you point out Mark, security is all importent, especially when one doesn’t have a few decades to recover from a financial “shock”. I’ve been a bit remiss in following the old eggs in one basket adage, but HSBC France being flogged off will make me revise that.

Transferwise is another good option Damian.

and don’t forget the Affiliate link above under FOREX for torFX which will earn your favourite Anglophone forum some bunny points and help towards funding the site :wink:
EDIT: which has been updated by @James to include Revolut and Transferwise/torFX.

4 Likes

Yes, indeed. I used them last year/this year and found them excellent.

I always stand to be corrected but I believe that it reassured me that my account would not be affected.
Currencies Direct also sent me that circular Stella. In future transactions will be handled via their Spanish office.

1 Like

as indeed will be the case with torFX, a sister company to CD.

1 Like

My UK bank is Nationwide. I have spoken to them and they are not anticipating any changes. I am a bit puzzled by this, but do know that because it is a building society it is not caught in the normal banking regulations in the UK (it is regulated by the FCA not the BoE) - perhaps as a mutual it is not affected by EU banking regulation either.

1 Like

Have you contacted the financial ombudsman? When I first talked to them they said they couldn’t do anything until I had a specific complaint about the service. At the time I was pointing out that if we had our accounts closed there wasn’t necessarily another UK bank that would be prepared to take us.

My pal French Franck, in banking himself, says that HSBC stands for “How Simple Becomes Complicated”. And so I found. Glad I was knocked back. I’m with Credit Mutuel, reckoned by French Franck to be ‘a good bank’.

Seems to be so. Main website in English. Phone app not, but easy and slick to operate. It would get another Brownie Point if the current a/c statement showed a running balance well as a total balance.

Another :+1: for Revolut. A.t.mo I use it just as an FX ‘valve’ … GBP in - € out. I’ll continue like this as long as Lloyds holds good to its ‘promise’ to me on the phone that there’s no plan a.t.mo to close down non-UK res a/cs. The chap said, “You have a UK correspondence address with us, don’t you? That’s all right then.”

There’s no reason why one couldn’t use Revolut as a regular current a/c. The FX side of Rev is very slick and instantaneous.

*News just in “” Barclays fined £26m for poor treatment of customers". Not surprised. Lousy bank. When my father died, my mother and I sat in the manager’s office, doing the necessary. It didn’t cheer us up one bit to find that instead of closing my father’s a/c and transfering the D/Ds to my mother’s a/c, they’d closed my mother’s a/c.

A deceased person’s a/c is locked, except for an allowance of [I think] <£2k for funeral costs. So my mother was in the position of having no access to banking at all for some days.

I wrote a stinker to the CEO of Barclay’s. Not long afterwards we found that that branch manager was no longer the manager … and not long after that, the Barclay’s CEO was fired, as well! Chapeau!

1 Like

I too found my application simply didn’t proceed, with no explanation and without even the courtesy of a reply to my emails. I’ll have a look at CM - thanks!

I have heard nothing from our bank, Yorkshire, but am hoping that, as it is owned by Clydesdale Bank and therefore Scottish, it might, with an eye to the future (IndyRef2?), be more friendly towards European customers.

No idea if it is accepting new accounts though.

Clydesdale Bank is owned by Virgin Money UK plc and they intend to phase out the Clydesdale Bank and Yorkshire Bank brand names in the future in favour of the Virgin Money brand.

We had a letter with new terms and conditions but it only said they MAY close accounts without a UK address not that they are going to automatically. Call me a cynic but I think some banks will us the passporting reason as an excuse to close none profitable accounts for those expats who only maintain a small average balance.

1 Like

I can’t move to the next level until I have a decision on my complaint to HSBC.

How frustrating!

Don’t expect the FOS to do anything quickly - Six months in now for me over a complaint about the Prudential regarding a pension issue.

Don’t go there,I lost my pension when it crashed. Waited 3 years to get most of it back without any interest. I had no protection as off shore account.