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UK bank account and Brexit

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Henry McGrath

Last year Lloyds closed my UK bank account because of Brexit. Some other banks did the same because UK banks now need to pay for a licence to operate in NL. We thought that this process ended in 2020 but this is not the case. A fellow Brit over here has just received 60 days notice of the closure of his UK account with NatWest. This is rather alarming since it indicates that the post Brexit situation is not stable. Does anyone know of a UK bank that is still offering new accounts for NL residents?

neilluckham

According to the letter I received from NatWest, the DNB has stopped ALL Netherlands residents from holding a current account outside the EU.

So this is coming from the Netherlands, and applies not only to Brexit.

Logically, all UK banks will now be unable to offer me an account, whether they want to or not.

As far as I know, only the Netherlands has done this.

Cynic

My daughter still has her account with HSBC, but that's largely irrelevant now as she has sold up and is in the process of moving back to the UK.  I guess the message is that they haven't contacted her to close her account up till now.

Henry McGrath

This is indeed not the same as the letter to my colleague, which did not refer to all NL residents but referred specifically only to NL residents with NatWest accounts. I cannot find any reference on the DNB website to a more general ban such as suggested by your letter from NatWest. Such a ban would affect a much wider community than the Brits in NL and it would normally be well reported in the Dutch press. Although Lloyds closed my domestic UK account last year they have still maintained my international account (also registered to my Dutch address). Not so reassuring for me is that Lloyds is not allowing new applications for this type of account from EU residents.

neilluckham

I agree, I also can't find it on the DNB website.

The letter I received from NatWest International (Isle of Man) clearly states that the DNB decision applies to "all banks outside the EU", not "all NatWest banks outside the EU". 

But HSBC are still advertising new UK accounts for all EU residents, if the Netherlands is excluded they don't mention it.

So maybe Nat West has overstated the position.

SimCityAT

Certain UK banks have been closing accounts for citizens that are not resident in the UK for some time, and this has been happening all over the EU. I suggest you look at your bank website to see if you are affected.

neilluckham

Yes I know, that is a result of Brexit. But the Isle of Man is not in the UK, and is not affected by Brexit.

SimCityAT

neilluckham wrote:

Yes I know, that is a result of Brexit. But the Isle of Man is not in the UK, and is not affected by Brexit.


The Isle Man isn't in the EU. The problem with UK banks closing accounts is because of the UK leaving the EU.

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