UK bank for expats?

July 12, 2024 7:47 PM

I used to live in the UK but eventually moved to Canada. I still have financial ties to the UK. My UK bank (Barclays) used to be happy to hold my vast reserves of wealth despite my change to a Canadian address, but has now informed me that they are closing such accounts. I no longer have a UK address. Is there a bank that will allow me to have a UK account with an address abroad?

I only need two things: 1. Be able to receive payments in pounds from my UK pension and 2. use an ATM in the UK. No need for credit, loans or investments,

FWIW, I have bank accounts in France and in Canada. I could use these to access cash while in the UK, but could they receive UK funds from a UK pension?

I saw that there are so called "new" banks like Revolut, which would let me open a UK account, but they only allow a few hundred pounds a month ATM withdrawals. That wont cover a lot of bubble and squeak!

Santander would kindly allow me to open a UK account as long as I maintain a 75,000+ pounds balance, which is annoyingly high for a non-interest bearing account.

HSBC might let me do it based on my income, but it hasn't yet said it would accept my non-UK income.

Is there any other option?

posted by Bigbootay. Tay! Tay! Blam! Aargh... to Work & Money (8 answers total)

My dad's UK pension used to direct deposit into his US Wells Fargo account, if that data point helps.
posted by latkes at 8:13 PM on July 12

Response by poster: Thanks, latkes, I didn't know that was possible!

I want to try keeping my UK pounds income in the UK, if at all possible, but it's good to know that is an option.
posted by Bigbootay. Tay! Tay! Blam! Aargh... at 8:33 PM on July 12

Best answer: I use Wise for most of my UK banking - they will hold it in pounds, pay interest and give you a debit card for a modest fee (note that that's a bit annoying because you don't usually want a lot of money in the account attached to a debit card, but it works nevertheless). The account has a sort code and account number. I would confirm with them that it works for regular deposits, but I don't see why it wouldn't.

My normal UK bank hasn't shut down my account yet, but every so often they take away a feature (they were going to revoke my debit card the last time for lack of use, but didn't do it in the end). I don't think you can open a conventional UK bank account without proof of residence.
posted by How much is that froggie in the window at 11:20 PM on July 12 [1 favorite]

Response by poster: Thanks, How much is that froggie in the window (your handle is as long as mine!). I will look into Wise, they seem to meet my objectives.
posted by Bigbootay. Tay! Tay! Blam! Aargh... at 11:33 PM on July 12

> I saw that there are so called "new" banks like Revolut

Just so you know, Revolut does not yet have a UK banking licence (they do have a licence some other countries).

Which? has an article summarising the options but most of them have already been discussed in this thread. If you have an income of over £50,000 per year, the Lloyds Bank International Current Account looks promising. It’ll let you receive transfers without charging a fee and you’ll get a debit card that allows you to make free cash withdrawals in the UK. It does have a £7.50 monthly fee though.
posted by kyten at 3:20 AM on July 13

Response by poster: Thanks, kyten, froggie (can I call you froggie for short?) and latkes. I think I understand, now. Off to speak to their easily accessible from abroad customer service reps!
posted by Bigbootay. Tay! Tay! Blam! Aargh... at 9:21 AM on July 13

Wise (which I use) is more for transferring funds than holding balances. I don't think any balances you hold with Wise are insured.
posted by scruss at 1:19 PM on July 13

Wise does insure balances, in some circumstances. that page says USD balances but the page it links to says GSP and EUR are also covered by FDIC.

and only my mother calls me How much is that froggie in the window, and only when I've done something wrong.
posted by How much is that froggie in the window at 11:39 PM on July 17