Barclays Plans to Close Accounts of UK Expats
London-based lender Barclays is set to close the accounts of thousands of British citizens living outside the United Kingdom. The bank is notifying expatriates about the upcoming closure of their savings or current accounts. Barclays states that all customers must have a valid UK address; otherwise, their accounts will be permanently closed. The acceptable countries for address verification are England, Scotland, Wales, and Northern Ireland. P.O. Box, c/o, or Barclays branch addresses are not accepted.
Exceptions to the Rule
According to Barclays’ website, certain customers may be exempted from this ruling if they meet specific criteria. Exceptions include being a UK Crown employee or the spouse/civil partner of a UK Crown employee, having someone manage the account on behalf of the customer (e.g., power of attorney), or temporarily residing outside the UK for six months or less with plans to return.
Transitioning to New Banks
Affected customers have six months to find alternative banks where they can transfer their funds. Another option is opening an International Bank Account with Barclays, which requires maintaining ยฃ100,000 across savings and investment accounts to avoid a ยฃ40 monthly fee.
Hot Take: Banking Giant Implements Strict Address Policy
Barclays’ decision to terminate accounts based on physical address has sparked concern among expatriates residing outside the UK. While some exceptions exist, many individuals will need to find new banking solutions within six months. This move underscores the increasing importance of having a valid UK address for financial services in today’s globalized world.
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