Banks are applying a lottery style approach to expats wanting to have a UK bank account, even though there is no legislation in place that says British expats cannot keep one open.
Recent research has revealed that banks often reduce banking privileges to expats keeping open a UK account and building societies are least likely to allow British expats to retain UK accounts. According to ExpatMoneyChannel, First Direct and HSBC are the most expat friendly while Lloyds TSB is named as the most likely bank to ask an expat to close their UK account.
The report describes the trend for UK based banks to ask expats to close their UK accounts as 'worrying'. It highlights that there are many practical reasons why a British expat would need to have a UK bank account, including the convenience of receiving state or private pensions, particularly expats in a country that does not have an arrangement with the UK to pay pensions directly overseas, such as Greece and Thailand.
UK banks criticised for policies on expats
Financial Services > e-banking > Banking news
UK banks criticised for policies on expats
Wed, 15 Dec 2010
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