Barclays to close accounts of UK expats, impacting savings and pensions access By Investing.com

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Barclays to close accounts of UK expats, impacting savings and pensions access

Published Sep 23, 2023 04:42

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Barclays 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.

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