Barclays (LON: BARC ) Bank has made a significant move that may leave some of its expat customers unable to access their savings and pensions. The bank announced on Friday that British people living abroad will no longer be able to hold a Barclays UK current or savings account. This decision could potentially affect numerous expats who rely on these accounts for their financial transactions.
The bank's decision follows a review of its international offerings that began in 2021. Barclays is now sending out notifications to customers, providing them with a six-month warning before the closure of their accounts.
Despite this, wealthy expats have an alternative solution provided by the bank. They can open a global account with Barclays. However, to avoid a monthly charge of £40, they need to maintain a balance of £100,000 in the account.
A Barclays spokesman stated that UK products are designed for customers living in Britain. The Financial Conduct Authority (FCA), the city regulator, said it was a commercial decision as banks are allowed to set their own rules on which customers they accept.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.