Are you a British expat whose bank account is being closed due to Brexit? Here’s what’s happening and what you can do about it
Thousands of British expats living abroad in EU countries are receiving letters from banks telling them their UK current accounts and credit cards will be closed after Brexit.
While not all the roughly 1.3million UK citizens living in the EU will be hit, customers of Barclays, Lloyds and the private bank Coutts living in some of the most popular destinations for expats, including France, Portugal and Spain will have accounts closed if they can no longer prove a UK address.
They will be closed after EU-wide financial passporting rules expire after 31 December, with some banks forced by regulators in individual countries to pull out of offering specific products.
Expats in Spain (top) and Slovakia (bottom) are among those who have been told their bank accounts and credit cards will be closed after 31 December due to Brexit
It is a blow to those who keep their UK account open when they move abroad so they can receive their state or private pension into it, who receive income from renting out property or from UK-held investments, or simply to maintain ties to their home country.
But which expats are affected and, more importantly, what can they do about it?