UK bank account(s) closure

Message

MAD87 · #1 Post by **MAD87** » Wed Jul 20, 2022 2:34 pm

OH received a letter from Barclays today to inform him his current and savings accounts will be closed in 2023 as he doesn't have a UK address (they've known that for 31 years). It'll be me next...

We kept our UK accounts - and debit and credit cards - for convenience and our UK pensions are now paid into them.

I have a Nationwide a/c which I can use (until that's closed too!) for my pension, but clearly we need to think seriously about alternative arrangements.

I know about the things we could do - like having the French state collect our pensions, etc. - but I'd rather have alternative solutions, if any. I opened a Wise account some time back, but it's never worked.
Suggestions?

Sparkle · #2 Post by **Sparkle** » Wed Jul 20, 2022 3:03 pm

Don't know if this is of any help but I checked this out a while back with our pension providers - just in case or should I say when it happens. All of which said they would either convert to euros and send to our French account or would send sterling to Currency Fair where we could do the exchange ourselves or set up an automatic exchange & transfer out with them - which I do for one of my pensions anyway. I do find the automatic exchange & transfer out a very good system.

https://currencyfair.com/trust/regulation/

manonthemoon2 · #3 Post by **manonthemoon2** » Wed Jul 20, 2022 3:59 pm

Sparkle wrote: ↑Wed Jul 20, 2022 3:03 pm Don't know if this is of any help but I checked this out a while back with our pension providers - just in case or should I say when it happens. All of which said they would either convert to euros and send to our French account or would send sterling to Currency Fair where we could do the exchange ourselves or set up an automatic exchange & transfer out with them - which I do for one of my pensions anyway. I do find the automatic exchange & transfer out a very good system.

https://currencyfair.com/trust/regulation/

We use currency fair every month and find them very good

niemeyjt · #4 Post by **niemeyjt** » Wed Jul 20, 2022 4:20 pm

Credit Mutuel offered me a Swiss IBAN to give to my employer to pay my Swiss salary into a French Bank Account.

Maybe they will do the same for a UK IBAN?

exile · #5 Post by **exile** » Wed Jul 20, 2022 5:00 pm

Since Barclays announced just some 12-18 months ago that they planned to increase their presence in France, I was hoping we would escape. It seems not.

suein56 · #6 Post by **suein56** » Wed Jul 20, 2022 5:31 pm

exile wrote: ↑Wed Jul 20, 2022 5:00 pm Since Barclays announced just some 12-18 months ago that they planned to increase their presence in France, I was hoping we would escape. It seems not.

That's interesting as I found this : Barclays France se réinvente et devient Milleis Banque ..
https://www.lesechos.fr/2018/05/barclay ... ale-990476
This was in 2017/2018.

elsie · #7 Post by **elsie** » Wed Jul 20, 2022 5:36 pm

Revolut are now a full bank in France with a French IBAN and you can have accounts in multiple currencies (I have £,$,€). My French Revolut account is registered to my French address.

For my Revolut sterling account I have a UK sort code (04-00-75) and account number for UK transfers (and a SWIFT number). When I need to, I can transfer sterling from my Lloyds account to my Revolut sterling account using that sort code account without charge. I can then use Revolut to convert the some sterling into Euro and transfer it to my Boursorama account, again without charge (except for a small conversion cost if it is over £1000/month).

Revolut France should automatically report the bank account to the fisc so no longer any need to report it on tax form 3916.

exile · #8 Post by **exile** » Wed Jul 20, 2022 5:51 pm

That looks like a good option Elsie.

For anyone wanting a more conventional solution, it looks as if HSBC accounts are open to UK and EU residents.

MAD87 · #9 Post by **MAD87** » Wed Jul 20, 2022 5:53 pm

I'll check out Currency Fair and consider other options here. They're narrowing everywhere - I already have to deal with ING leaving France and the account switch to Boursorama Banque. So much for my hols!
Edit after Elsie's post: I looked at Revolut when this was threatened a while back. It certainly sounds just the ticket but I remember having reservations before. On verra.

Blaze · #10 Post by **Blaze** » Wed Jul 20, 2022 6:09 pm

exile wrote: ↑Wed Jul 20, 2022 5:51 pm For anyone wanting a more conventional solution, it looks as if HSBC accounts are open to UK and EU residents.

We've been with First Direct (HSBC) for at least 25 years, no problem, with contact by phone or online. Our pensions go in there and we transfer money across to our Cred Ag account as and when we need to. It's very simple and there is no charge.

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