Did you know that UK banks are starting to withdraw bank accounts and credit cards to Expats in Europe without a UK residential address! Unless you have a specific bank account for Expats, which are pretty rare, the accounts are being closed. Without a banking deal in place for the end of the Brexit transition period, this is happening with number of the big banks in the UK.
So why is this happening?
EU banking rules will no longer apply to the UK after the Brexit transition period ends. This means that many banks will legally need to stop providing bank accounts for British Expats who live in the EU. Previously, they have been allowed to under finance ‘passporting’ rules, but this will stop at the end of the year.
Banks can try to negotiate with the banking rules in each EU country, but rather than try to attempt this, and are simply closing the accounts down, and sending letters to their affected customers.
What can I do?
There are a few options open to you:
- Change banks, and see if you can find one that provides bank accounts for British Expats. Changing banks can be a nightmare though, even with the systems they use to switch direct debits over – you often still need to do them manually. That could mean lots of time on the phone to call centres that are struggling with call volumes thanks reduced staffing with Covid-19.
- Use an address of a friend or relative – but if they move, you need to change everything over, and they may not forward your mail regularly, which can cause problems if you are waiting for new credit or debit cards for your account, or if you have a bill to pay!
- Grab yourself a virtual address (sometimes called a virtual mailbox) with Expatpost. They look like ‘real’ street addresses, meaning they are accepted by banks, building societies and more!
How would a Virtual Address help me?
If you are one of the thousands affected by UK banks closing the accounts of Expats, then a Virtual Address (a virtual mailbox) is the perfect solution! We specialise in providing UK addresses for British Expats, and are here to help you keep a foot in the UK (postal-wise at least).
We can offer you:
- A UK residential address that is accepted by banks and building societies across the UK, as well as the DMV, HMRC and many more.
- Peace of mind that you can continue your banking as normal.
- The option to have your mail scanned to you, so you can view it in a secure, online portal – no waiting for someone to forward your mail to you
- The option to have your mail physically forwarded to you, wherever you are in the world – the easy way to get your cards and statements for your current UK bank account sent to you
- The ability to have parcels sent to you at our mail centre, making online shopping in the UK much easier – no more relying on friends or family to send you your favourite things!
- Address services for up to 5 people on the one account, so you only need 1 account for the whole family!
So, What Should I do?
The easiest option is definitely opening a Virtual address with Expatpost. It can all be done online, and takes just minutes. We would need you scan or send a picture of a few documents (just so we know it is you who is opening the account), and then It’s just a matter then of giving your bank your new UK address, and we will take care of your post for you!
Much easier than opening a specialised Bank account for British Expats.
Don’t delay, open your account with Expatpost today!