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British Expats Continue to Suffer UK Banking Problems (PRWeb UK) December 11, 2010 Survey Highlights: There is no legislation that says British expats cannot keep open a UK account Banks often reduce banking privileges to expats keeping open a UK account Thumbs up to First Direct and HSBC who are tagged as the most expat friendly in our survey* Lloyds TSB tagged as the most likely bank in our survey* to ask an expat to close their UK account Building societies are least likely to allow British expats to retain UK accounts Banks are applying a lottery-style approach to expats wishing to keep open a UK account Offshore accounts are perceived as having high charges and pay poor rates There is a general lack of understanding and current fear about banking offshoreAs previously highlighted by ExpatMoneyChannel, the confusion over whether or not British expats can keep open a UK bank account is pushing them out of the safety net of the UK’s regulatory authority and compensation scheme. We asked expats for their experiences on the worrying trend for UK-based banks to ask expats to close their UK accounts. So far responses indicate that the problem is not as cut and dried as originally thought. Based on ExpatMoneyChannel research, whether or not an expat can keep open a UK-bank account will very much depend on who you bank you with; how long you have banked with them; whether you retain a UK address and what type of account you have. What’s more, our research shows some banks are taking a lottery-style approach as to whether or not expats can keep their UK bank accounts by applying different rules even to the same customer base. There are many practical reasons why a British expat would need to have a UK bank account. These would include the convenience of receiving state or private pensions, particularly if you are an expat in a country which does not have an arrangement with the UK to pay pensions directly overseas, such as Greece and Thailand. In addition, setting up an international account with a UK bank offshore is out of reach for many expats, with an increasing number of international accounts requiring new customers to have a minimum annual salary of £50,000 or savings of £25,000. And while this requirement is sometimes waived if you are an existing customer, after a couple of years our survey indicates that even these expats are being asked to stump up the extra cash. And when it comes to private pensions, not all companies have the facility to make electronic payments overseas, which means for expats living in remote locations where post may be a problem then the safest way to receive pension payments is to set up an overseas electronic transfer arrangements via a UK bank account. Then there are those expats who may eventually return to the UK and who do not wish to cut financial ties. Indeed, an expat may still have property in the UK that is let out or they may have a mortgage to pay, so having a UK bank account to accept such payments is convenient. Finally, there is the pressing question of whether or not an expat with financial ties in the UK wants to be placed outside the safety net of the UK’s regulatory authority and compensation scheme. Go to ExpatMoneyChannel for the full findings including respondents’ comments. *Initial findings of our survey taken from 50 respondents in July 2010. EDITOR’S NOTES ExpatMoneyChannel specialises in providing offshore news, views and information. Contact: Deborah Benn on +44(0)208 883 4783 mobile +44(0)7790940151 or deborah(dot)benn(at)expatmoneychannel(dot)com Hannah Beecham on +44(0)1273 777463 or hannah(dot)beecham(at)expatmoneychannel(dot)com http://www.ExpatMoneyChannel.Com is an Expat Media Ltd company # # # ©Copyright 1997- , Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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