Banks and credit card challenges.

Hungary is fine,but they really take their commission, advice do not open a foreign account (EUR/USD) with regard to monthlhy charges.

Hungary is fine,but they really take their commission, advice do not open a foreign account (EUR/USD) with regard to monthlhy charges.
-@cdw057

Since Brexit, it's been almost impossible to hold GBP account in the UK while resident in the EU or elsewhere.  British people have been told their accounts will be closed with no exceptions.  Being an American is almost the same problem because of FATCA. 

My bro lives in the UK, owns a company does business in Europe and wants a EUR account.    That was a struggle as well. 

There are possibilities for individuals perhaps with new type banks like Revolut or Starling Bank.  Don't know any of the details.

My favorite (or not) topic. I appreciate the constraints against money laundering and terrorists. In Hungary life was not easy (for accounts abroad). My banks in Luxembourg and Netherlands were not happy and willing to create an account for my company (Hungary), the solution I found was a credit card (Dutch) company for clients to pay money (I also have a EUR account in Hungary, but many companies do not like to pay to Hungarian IBAN).

Still the credit card company after a few years had their revamp and I was requested to close the relationship. (I was passive, and it took a year, still banking and credit cards it is not easy).

Now I live in Turkey and yesterday I was contacted by the Luxembourg bank to close the account (they were already not excited by Hungary but it worked).

Part of life I suppose, but really issues (for now I am allowed to maintain an account in The Netherlands (I am Dutch)). Still I am NOT happy at all.

Still accounts in Hungary (I do not know how long this can last (but indeed they take their commissions (massively)))

My accounts in the UK I closed down a long, long time ago (so expensive).

My favorite (or not) topic. I appreciate the constraints against money laundering and terrorists. In Hungary life was not easy (for accounts abroad). My banks in Luxembourg and Netherlands were not happy and willing to create an account for my company (Hungary), the solution I found was a credit card (Dutch) company for clients to pay money (I also have a EUR account in Hungary, but many companies do not like to pay to Hungarian IBAN).
Still the credit card company after a few years had their revamp and I was requested to close the relationship. (I was passive, and it took a year, still banking and credit cards it is not easy).

Now I live in Turkey and yesterday I was contacted by the Luxembourg bank to close the account (they were already not excited by Hungary but it worked).

Part of life I suppose, but really issues (for now I am allowed to maintain an account in The Netherlands (I am Dutch)). Still I am NOT happy at all.
Still accounts in Hungary (I do not know how long this can last (but indeed they take their commissions (massively)))

My accounts in the UK I closed down a long, long time ago (so expensive).
-@cdw057

Their charges are artificial BS. 

In the end, if no money is coming in or going out, they'll stop charging and the account will become dormant.

It's not ideal but I'd just say in a registered and signed letter  (as I said in the other thread), you want them to close the account, the relationship is over and you no longer take responsibility for any charges.

I'm assuming these bank accounts are personal accounts and not company accounts.

As an aside, terrorist financing is not going to be stopped by bank KYC (Know-Your-Customer) and AML (Anti-Money Laundering) measures.   Hawala system has no controls on it.   And a determined terrorist isn't going to be stopped by any law.  Same as criminals - banning guns isn't going to stop bad people using them.  The law might slow them down, but won't stop them.   The trouble is identifying transactions that are suspicious.  The volume of transactions flowing through the financial system is so large, automation is needed.

I still have my bank account in the UK as it has my dad's address, I will close it when I visit in November because I have no reason to keep it, will be kind of sad as I have had it 47 years. It was only used for holiday money anyway.

I still have my bank account in the UK as it has my dad's address, I will close it when I visit in November because I have no reason to keep it, will be kind of sad as I have had it 47 years. It was only used for holiday money anyway.
-@SimCityAT

Same here but no intention of closing it.   

If it's still working and  it's free (unlike many banks in Europe), I've no reason to change it. 

I just keep enough money in it for simple emergencies when I'm in the UK.

If you're American, make sure you've got U.S. bank, credit card and brokerage accounts opened well before you expatriate, and several of them at that. Never close them!

If you're American, make sure you've got U.S. bank, credit card and brokerage accounts opened well before you expatriate, and several of them at that. Never close them!
-@zif

And for sure the other way. 

Close all US accounts if you are not a US citizen or permanent resident.

They'll never leave you alone with their W8-BEN forms.

Nag nag nag.

It depends. Sometimes US-based brokerages have lower fees and offer more services than overseas brokers, for example. Or maybe you're no longer resident in the US but get a USD pension more easily paid into a US bank account. Or you're one of those Brits with your Florida condo. Etc.

It depends. Sometimes US-based brokerages have lower fees and offer more services than overseas brokers, for example. Or maybe you're no longer resident in the US but get a USD pension more easily paid into a US bank account. Or you're one of those Brits with your Florida condo. Etc.
-@zif

Sure, the brokerage fees are cheaper but nothing truly special.  It's good if into US share dealing but it's just as easy to work on that from another developed market like the UK which does list some US share vehicles.  Well it was OK before Brexit. 

But whatever the reason for a US account, it's a hassle to keep on top of those US forms and to keep proving you're not a US citizen or permanent resident.   Even with $10 in the account, they are after you those forms, otherwise they threaten the IRS will chase you down without mercy.

Hardly a big deal.That form is probably the simplest of all IRS forms and needs be filed just once every three years. Of course if you don't ever file it you will get nagged.

Hardly a big deal.That form is probably the simplest of all IRS forms and needs be filed just once every three years. Of course if you don't ever file it you will get nagged.
-@zif

Yes, I know it's every 3 years but you've got to remember to do it.   That was my problem. 3 years seems to come around so quickly. I had no almost money in the account but always nag nag nag.   No W8-BEN, then you'll get hit with backup withholding and have to navigate your way out of it by dealing with the IRS.  It's a foreign system to me and I didn't want to know more about it.

Finally, I gave up trying to remember and from my end, I closed the account.  I still get nagged by the bank but with $0 there at the end and it being closed as far as I am concerned, I just ignore these messages.  For some reason, closing the account didn't delete the alerts I had set up.  Maybe they didn't close the account at their end.   In any case, their messages are redirected to spam.

We spent hours yesterday doing some banking.

Not how we planned our day but they contacted us to let us know they put a stop on our card.

Called to find out why but thought we had better just go in person.

Seems we ordered something online nearly a year ago from the UK and now they think something could be wrong with their online paying system. They stopped our card to protect us?

My husband had to get a new card issued.

We arrived at the bank just before noon and he was called in just before the clock hit 12.

The security guard came to the waiting area and told everyone there that they should come back after at least 30 mins because they were going to have their lunch!

Everyone left except a little old HU granny. My husband told her they were going to lunch and she would have to sit there.

She waited.

We wanted to get some cash out after his card business but we also had to return so they could get their lunch break! What sort of banking is that?

Everything stops for their meal? Even if you're still in the middle of being helped?

We left and returned 30 mins later.

The granny was still sitting and waiting. She needed 300,000 for some home repairs.

My husband is a joker and told her a tall tale. He told her maybe they had run out of cash.

She had a panic attack almost and asked the security guard if they still had any cash in the bank.

My husband told her was joking but she was a bit nervous. He told her if they had run out of cash that there wuld be a mile long line of people demanding their money.

He shouldn't play with people like that.

I think the guard was glad when we left.

I'm sitting there smiling like a loone at this granny while my husband nealry causes a bank run!

@cdw057 it depends. I have an OTP account. My account in USD connected to the checking and savings account, that I can convert to Forint. Maintaining the USD account cost me 65 Forint per month (yes sixty five) the exchange rate is quite good compared to other financial institutions or to US banks.

@zif yes, that  is what you have to do and keep your credit cards. It is very hard to get credit cards in Hungary.

@Marilyn Tassy never heard or experienced anything like that. I wonder which bank did that?

Ok

@cdw057 it depends. I have an OTP account. My account in USD connected to the checking and savings account, that I can convert to Forint. Maintaining the USD account cost me 65 Forint per month (yes sixty five) the exchange rate is quite good compared to other financial institutions or to US banks.
-@iprofota

Check out Wise (formerly Transferwise), they have a much better rates. For savings you could use a brokerage, like IBKR...