The UK Bank Account After Brexit

The UK Bank Account After Brexit

The prestigious UK bank account became more difficult to open after the completion of Brexit. Even UK nationals living in the EU face challenges retaining their UK accounts, experience higher transaction costs while making and receiving sterling payments.

The problem arose when the UK lost privileges associated with the EU Financial Passporting System. So now, the UK banks have to be licensed in every EU country to operate freely within the EEA and provide services to British and European customers. A necessary consequence of that is, except for HSBC, you may now open a UK bank account only in the UK.

Non-resident UK customers can no longer open bank accounts in small boutique banks in most cases. Coutts, for example, completely cut off ex-pats based in the EU. In addition, high-street banks like Lloyds and Barclays closed many accounts for UK nationals living in the Netherlands, Italy, Spain, Belgium and France. Santander did not do that, but it will no longer open a new account for such a customer.

Fortunately, you do not have to be a UK tax resident if you want a UK bank account with Monzo, Starling, or fintech company Revolut. But you shall need a UK address and a phone number. Revolut is a financial application of choice if you work with multiple currencies, but it has a low ceiling for free exchanges.

An exciting option arose with Transferwise (now Wise plc.) and their Borderless account. Wise can be more expensive to make transfers to regular banks, but it is very cheap within the system. Most Revolut and Wise accounts are not secured by a traditional protection plan (like FSCS), but the money you have there is safe under different safeguarding schemes.

For residents of the UK, Oracle Capital Group facilitates opening bank accounts in major retail banks. We help individuals and businesses, although the beneficial owner can be a resident of any country for corporate accounts. In addition, we can still help to open bank accounts for individuals residing outside the UK if you meet a requirement of a higher initial deposit.

There are a certain number of advantages of having a bank account in the United Kingdom. Firstly, it explores a new set of opportunities for seeking potential business partners, makes the process of getting a loan easier, allows you to save and multiply your funds, and provides access to a wide range of financial services in the country with a stable economy and transparent government.

Most Recent News

Offshore Jurisdictions Information Update

Offshore Jurisdictions Information Update

Why HNWIs Set Up Family Offices?

Why HNWIs Set Up Family Offices?

Landlords will meet costs of the zero-carbon policy target

Landlords will meet costs of the zero-carbon policy target