Barclays is closing UK accounts belonging to customers living overseas
If you decide to retire or move abroad, how you manage your money overseas will be an important part of your new life.
But, many banks no longer allow expats to use their UK current or savings account abroad.
Most recently, Barclays has been writing to expats giving them six months’ notice that their accounts will be closed after it changed its policy in 2021.
What’s happening to Barclays accounts for expats?
Barclays will no longer offer personal current or saving accounts to customers who have an address registered with them outside of the UK.
This means that customers need to be living in the UK and all their addresses registered with the bank must be UK addresses, except in limited circ*mstances.
The bank changed its policy in 2021, and since then it has been writing to customers and giving them a six-month warning.
Barclays told us that the change only applies to Barclays UK products and services, and doesn't apply to any account, product or service provided by another part of the Barclays Group, such as Barclays International Banking.
Barclays won't close mortgages or loans of existing Barclays UK customers living outside of the UK.
What steps do you need to take?
It is proactively contacting all impacted customers to outline the next steps and any actions they need to take.
If it needs to close your account, you’ll be given six months' notice where possible.
To make sure you're not locked out of your finances, you’ll need to follow the instructions you receive.
If you need extra time, you should contact Barclays as soon as possible.
What about other banks?
We have summarised the headline information on other banks for expats below.
First Direct
Any existing UK customers can retain their current account and savings, but no new products can be opened until a UK address is held.
HSBC
The bank offers normal current accounts to UK nationals who live in the EU, depending on their local country regulations.
Lloyds Group (including Lloyds Bank, Bank of Scotland and Halifax)
The vast majority of existing customers who move overseas can manage their existing bank or savings account online, or by using telephone banking.
New customers who already live overseas could apply for an international bank or savings account through Lloyds Bank International.
Nationwide
The building society allows existing customers to keep their savings and current accounts if they move abroad, subject to some exceptions for residents of the Netherlands and Italy. There may be situations where they will need to be closed, such as to comply with legal and regulatory obligations and guidance.
It doesn't allow UK nationals living overseas to open new accounts.
Santander
Any existing UK accounts will remain open for existing customers who relocate overseas for them to carry out basic maintenance, such as changing the address registered. However, customers won't be able to amend the account itself, such as increasing the size of an overdraft or opening a new account.
Customers who aren't UK residents can open a new account with Santander International.
Virgin Money
If existing customers move abroad they can retain their Virgin Money account, unless they move to Italy or the Netherlands.
The bank’s products don't extend to international customers.
