UK bank account(s) closure

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Leyla · #51 Post by **Leyla** » Sat Jul 23, 2022 5:52 pm

I've been with Wise for a number of years only for transferring monies to France from UK so I already have an account. As far as I can see, I have 2 choices - HSBC or Wise. If any of you are of the same mind, can you please share the advantages/disadvantages of each? Wise would seem to be the choice since they are already in the business of transferring money abroad.

Veem · #52 Post by **Veem** » Sat Jul 23, 2022 6:09 pm

My first ever job (which lasted 6 months) when I was 18 was with Barclays and so I naturally opened my Barclays staff account back then and have had it ever since. It seems they do not recognise my many minutes of loyal service and informed me too yesterday that I must close my account.

We also have a Nationwide account so shall keep that one in the hope that we can carry on almost seamlessly for the while. In the meantime, I'll keep a closer eye on this thread to see what other solutions you all find.

elsie · #53 Post by **elsie** » Sat Jul 23, 2022 6:10 pm

Wise is not a bank.

As it is not a UK bank, the question for several here is whether UK pension organisations/National Savings will accept a Wise account for transferring funds?

Leyla · #54 Post by **Leyla** » Sat Jul 23, 2022 6:58 pm

elsie wrote: ↑Sat Jul 23, 2022 6:10 pm Wise is not a bank.

I know but they accept money, set up DDs and create payment requests. As long as payments can be made into their account then I can still transfer money to France, as usual? Or is the problem that they can't accept money from other accounts i.e. transfer of my UK pension?

I've only started looking today so I'm open to suggestions, like others here.

Like Veem above, I opened an account when I was a student - the branch was just around the corner. That was 50 years ago!

elsie · #55 Post by **elsie** » Sat Jul 23, 2022 7:39 pm

Leyla wrote: ↑Sat Jul 23, 2022 6:58 pm Or is the problem that they can't accept money from other accounts i.e. transfer of my UK pension?

You will have to ask, if/when you have the problem.
I don't. My UK state pension is paid directly into my French bank account. My other pensions are paid into my UK bank account (but I also have a UK address).

Leyla · #56 Post by **Leyla** » Sat Jul 23, 2022 9:54 pm

elsie wrote: ↑Sat Jul 23, 2022 7:39 pm My UK state pension is paid directly into my French bank account

The only problem with this is that you have to accept the exchange rate whereas I choose when to transfer and do lump sums at a time.

elsie · #57 Post by **elsie** » Sun Jul 24, 2022 9:19 am

I believe there is a question as to whether Wise is acceptable for the receipt of UK state pensions and/or for National Savings. They probably use the first two(?) pages of this Bank of England list of Banks as their authority?

If you meet their requirements, sign up with HSBC. You can transfer sterling to Wise for Wise to send to a European bank

Sparkle · #58 Post by **Sparkle** » Sun Jul 24, 2022 9:42 am

For us personally we have our UK state pensions sent direct into our French account and I've found the UK state pensions exchange rate to be a far better rate plus no transfer charges than when I've exchanged our private pensions if they've come in on or around the same date. CF's transfer out charge is 3 euros which is peanuts but the exchange rate is less. I could store and send a lump sum at a later date but I'd rather have the monies over here and put any monthly spare euros from the state pension in the savings account plus I know that the state pensions will more than cover all of the domestic bills when they come in - all of these bills are set up on prelevement so we don't need to remember or think is a bill due to be paid. The private pensions go into a different french account which covers food/diy/and anything else we may want to spend it on or save.

Blaze · #59 Post by **Blaze** » Sun Jul 24, 2022 9:58 am

Sparkle wrote: ↑Sun Jul 24, 2022 9:42 am For us personally we have our UK state pensions sent direct into our French account and I've found the UK state pensions exchange rate to be a far better rate plus no transfer charges than when I've exchanged our private pensions if they've come in on or around the same date.

That's good to hear something positive on paying state pensions directly to a French bank account, Sparkle. We don't know whether our current arrangement will continue and we like to keep things as simple as possible.

MAD87 · #60 Post by **MAD87** » Sun Jul 24, 2022 10:22 am

Hmm. Thanks for that info, Elsie.
Clearly, I'll have to think about this carefully! It's going to be a busy year as we plan to close our business on 31/12 which will also need all sorts of preparations and formalities.
Cursed Brits! (except those on here...)

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