Brits on the verge of moving abroad should be made more aware of the difficulty of opening a UK bank account once they’re overseas, and choose to keep their existing account open if possible.
Richard Way, Editor at OverseasGuidesCompany.com said: “Controversial rules by many UK banks mean that clients must have a UK address to open an account with them, however a European Commission directive due this month will require EU banks to make basic payment accounts available to all EU citizens. Even people who believe they might never need their UK account after emigrating should think again. A UK account might be needed in the future, for example for receiving a UK pension or receiving rent from a property let in the UK. And even those expats who have a UK account might want to open a new one with a better interest rate.
“Perhaps the bigger story here is that anyone planning to emigrate should begin organising their financial affairs long before they leave the UK. Consideration will need to be given to savings accounts, such as NISAs, and investments, as well as pensions – and how a move will affect these. A consultation with an independent financial advisor, ideally one that specialises in helping expats, is highly advisable – and could save a lot of hassle further down the line.”