DISCUSSIONS

Find the answers to many of your expat questions here

View Latest Posts

You're missing out...

As a member you can enjoy exclusive info and offers.

REGISTER NOW

Joint banking accounts

Posted by robertcorbyn - Created: 3 years ago
0 0
Sorry no image available

8 replies (Showing replies: 1 to 8)

Sorry no image available
Posted by Fitter - 3 years ago

"Fitter, does the directive also apply to Credit Card facilities?  I ask because I've recently had my John Lewis (HSBC) account closed because they say I am not resident of the UK."

GeorgeV -  From what I've read I don't think so - the draft law is here, all 29 pages of it, a rivetting read.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/436545/20150618_Payment_Accounts_Regulations_2015_CONSULTATION_DRAFT.pdf

Sorry no image available
Posted by Dibbyspot - 3 years ago

As stated - virtually impossible. Tried to do this for some friends on the basis of thme becoming joint to my account.  It is the fear of money laundering.

Go for a French account then just have funds paid into that account via transfer agency eg: Transferwise or other. UK banks fear money laundering come backs having done so much of it in the past with dictators and Russian oligarchs.

 

 

Sorry no image available
Posted by georgeV-988991 - 3 years ago

Fitter, does the directive also apply to Credit Card facilities?  I ask because I've recently had my John Lewis (HSBC) account closed because they say I am not resident of the UK.

Sorry no image available
Posted by Fitter - 3 years ago

It doesn't affect the OP's current situation unfortunately but there is a light at the end of this particular tunnel.

There is a current EU directive called the Payment Accounts Directive which, amongst other things, will require EU banks to offer cross- border accounts regardless of where the customer is resident within the EU.

The UK government has until the 18th of September 2016 to implement this.

 https://www.gov.uk/government/consultations/implementation-of-the-eu-payments-accounts-directive

IMHO - well overdue to stop banks playing silly games with their rules and regulations.

Sorry no image available
Posted by moi-383589 - 3 years ago

There's nothing in law that stops them giving an account or letting someone keep one but it's a risk for an UK bank with all the fraud/money laundering so they make a decision to say 'no'. (most of the time)

Sorry no image available
Posted by gwenn-391886 - 3 years ago

Not quite the same situation but might be worth knowing that I argued my case with Nat West, where I had an existing account, and they eventually allowed me to open a second account using my french address.

Sorry no image available
Posted by moi-383589 - 3 years ago

Some info. here

http://www.i-finance.co.uk/uk-bank-account-for-non-residents/

Sorry no image available
Posted by countrydweller - 3 years ago

Virtually impossible I am afraid.Many UK banks are actually closing expat accounts so if you have managed to hang onto yours best of luck!