These are comments that have been left on the “Your Questions” section on the Seaside Gazette online concerning the changes to UK banks and British citizens residing abroad.

September 21st
I’ve heard rumours that English banks will soon be shutting accounts held by people who live in the EU. Does anyone have any concrete information about this, and in particular relating to someone who is a Spanish resident but still has an address in the UK?September 21st
Stella

September 21st
Stella, this is what Barclaycard are sending out at present. The UK ‘s relationship with the EU has changed now we have left the EU. For Barclaycard this means we are not permitted to allow customers to have a credit line or spend where they hold a permanent European Economic Area (EEA) address.

Barclaycard is part of the Barclays Group and it is important that we hold the correct address for you. You have received this letter as we hold two or more different addresses for you, one of which is in the European Economic Area (EEA).

As you can see this message relates only to Credit Cards. As far as Bank Accounts are concerned the Mailonline has a good article halfway down today’s news. Because there is no Brexit Agreement yet the problem of English Bank Accounts for Expats has not been addressed.

I take it that Banks would have to apply individually for permission to operate in the EU. Sorry if this is a bit vague but blame Boris, Farage & Gove for putting us all in this mess.
David M

September 22nd
Stella, A few points mixed in to your question. Brexit may or may not have an impact it depends on the bank. For example many UK banks will allow someone who is a UK citizen but say lives in Australia to have an account. Some do and some don’t it is up to the bank. Where no deal Brexit will have an impact is what is called ‘Passporting’. This means a bank could have a licence from the UK regulator and then have branches in Spain, this will not be allowed under a no deal Brexit.

Regarding your address. If you are living in Spain and fully resident here then the bank in the UK should be given your Spanish address and your Spanish NIE so that the bank can report your account correctly for tax purposes.

So in short many banks allow people living outside the UK and not in the EU to hold an account, so whilst some may discontinue the service, there will be many who will continue as they have done for decades and allow people to keep their accounts.

I would advise you update your residential address with your UK bank as legally you should use your correct residential address, and are obliged to tell the bank where you are tax resident.
George Neary

September 23rd
Thank you to David M and George Neary for your responses. I’m not sure I understand the position any more clearly but from what you are saying it doesn’t appear that the banks know what the situation is at the moment either. Hopefully in time we’ll get some definitive information from them!
Stella