If no trade deal is agreed with the EU due to Brexit, many Britons living in the EU will have their UK bank accounts closed by the end of 2020. The current ‘passporting’ arrangement that allows banks to trade across the EEA will expire.
Several banks, such as Barclays, Lloyds and Coutts have already started informing customers living in the EU of the forthcoming closure of their accounts. More banks are expected to follow in their footsteps.
Certain banks have EU-based branches with EU trade licences in place and they may transfer accounts where possible.
Many expats retain a significant level of cash/assets in the UK. Many Expats will also be receiving UK pension payments into their UK bank accounts. If no trade deal is agreed you will have to make alternative arrangements.
If this impacts you, we would encourage you to get in touch. We have dual-qualified Financial Planners who are well placed to offer help and advice.
The above article was kindly provided by Audrey Flynn from Forth Capital and originally posted at: https://forthcapital.com/impact-of-brexit-on-uk-bank-account-holders/