Recently many UK banks and credit card companies sent letters to Ex-Pats living within the EU that their UK bank/credit card will be closing and they will no longer offer the service from 1st Jan 2021. This is devastating news to people living in Europe, because to open any bank account, you have to be UK resident. If you don't get a new one up and running quickly for any payment you receive e.g. pension/rental, you can find yourself completely without any banking system. Yes, bank can do this and they do. Any funds left in your account when it is closed is usually sent by cheque in the post.

I am struggling to understand their rationale, because:

1. I have various clients now living overseas in Canada, USA, New Zealand, Australia, Ukraine, Hong Kong and not one person has reported any issues.
2. When I return to live in Australia in 2003 (staying 1-year), I was able to retain my UK accounts and credit cards. They even couriered my new debit card to me with DHL when mine expired.

Nonetheless, some UK citizens are facing a dilemma.

The best advice is, if you are planning to live overseas permanently, ensure you have at least 2 bank accounts and or credit cards open with two different banks, obviously ensure you have full online and mobile app access. I say different banks because if you were with say First Direct and HSBC or Halifax and Bank of Scotland, they are part of the same banking group and whatever one does, is likely to apply to the second bank.

Online login is very important as there some things you cannot do with your app: services vary between banks but

• Secure message system
• Set up new payee's
• Change your address
• Order a replacement card if damaged
• Download statements - sometimes needed to open a foreign bank account - evidence of activity
• Apply for other services

Another alternative is to open whats called a BORDERLESS BANK ACCOUNT. A Borderless bank account hold banking licences within many countries. Main features:

• You can apply from overseas.
• You can hold multiple currencies within the one bank account
• They have very favourable exchange rates.
• On a small £100 conversion to AUD$ I received an extra 5%.
• When my dad inherited £8000 in the UK, he received $400 more than my bank was offering to send the money to his bank account in Australia.
• Selling a house in the UK, you would receive thousands extra.
• You can have a debit card, when spending abroad, as long as you have a balance in that country, the debit card automatically debit the correct currency.
• E.g. going on holiday to Turkey, open a Turkish Lira currency (TRL) in seconds, covert some of your money, instant, go spend it in Turkey, no fees, no charges and no exchange rate.

You can search for Borderless Bank account, Martin Lewis will also mentions some on his website 'money saving expert'.

Ones I have heard of: Transferwise, Revolut, N26 (with brexit it is no longer open to UK citizens; a German co.) I am sure others are out there.