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UK banks and brokers after Brexit

Financial discussion for any financial queries for Expats
dspp
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Re: UK banks and brokers after Brexit

#375257

Postby dspp » January 9th, 2021, 6:08 pm

stevensfo wrote:
stockton wrote:
dspp wrote:

or even EU law or US law


Oh well, here in Italy, I can proudly claim to have received my very first 'Close your account' letter today. An internet savings account with Egg, who were taken over by Yorkshire Building Society in 2012, and which I had forgotten about, since it has very little in it. The weird thing is, I also have another old savings account with YBS, also with peanuts in, but that has my UK address.

I can wait for a cheque or send a form to have the 50 quid transferred to another account. I'm toying with the idea of transferring it to my other YBS account just for the hell of it. I have visions of their computer with smoke belching out "does not compute...out of control.." etc. :lol:

As dspp said, ...' if it looks wrong, it probably is wrong ....' But when have banks ever not been wrong? ;)

Steve


Congrats ! I dare you to try that :)

As it happens I am mulling over taking on a US brokerage (see my viewtopic.php?f=26&p=374831#p374831 ) and came across this Brexit-related closure news for Charles Schwab customers, and when you delve into it you can see what is going on,

"Charles Schwab telling clients in UK, Europe their accounts must move or be transferred by year’s end
November 4, 2019By Helen BurggrafNews"


https://americanexpatfinance.com/news/i ... -must-move

regards, dspp

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Re: UK banks and brokers after Brexit

#386309

Postby xiox » February 13th, 2021, 10:09 am

Rob625 wrote:Hi Brendan
My wife doesn’t read this site, but for the rest she fits your description. She has a current account at Halifax, and has heard nothing from them.
Not all UK banks are closing foreign accounts; it’s a commercial decision for each of them, as I explained. Barclays may well be keeping all or some of its overseas clients.

I live in Germany and have heard nothing from Halifax. My theory is that their system is messed up and for some reason it thinks Germany is part of my address, and not where I live. Unfortunately my application to HSBC has disappeared into the ether...

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Re: UK banks and brokers after Brexit

#386692

Postby stevensfo » February 14th, 2021, 4:56 pm

xiox wrote:
Rob625 wrote:Hi Brendan
My wife doesn’t read this site, but for the rest she fits your description. She has a current account at Halifax, and has heard nothing from them.
Not all UK banks are closing foreign accounts; it’s a commercial decision for each of them, as I explained. Barclays may well be keeping all or some of its overseas clients.

I live in Germany and have heard nothing from Halifax. My theory is that their system is messed up and for some reason it thinks Germany is part of my address, and not where I live. Unfortunately my application to HSBC has disappeared into the ether...


I have some old accounts that I very rarely check. Last month, I logged onto NS&I where I've had an index-linked certificate for over ten years. I'd forgotten about this 2-factor authentication stuff and they wanted me to confirm a code sent to a phone.

I looked at the number and went as white as a sheet, before laughing. The original number was an italian phone +39 ....... NS&I had it as +4439....... !!

Fortunately, I have two numbers with them that I can use and the 2nd was my UK mobile phone, so panic over.

Steve

PS With the older non-smart phones so cheap, it helps to keep a few active and reserved for things like this.

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Re: UK banks and brokers after Brexit

#395135

Postby xiox » March 13th, 2021, 9:43 am

xiox wrote:
Rob625 wrote:I live in Germany and have heard nothing from Halifax. My theory is that their system is messed up and for some reason it thinks Germany is part of my address, and not where I live. Unfortunately my application to HSBC has disappeared into the ether...

It looks like my HSBC application went through finally, so I have some security now if Halifax decide to close my account. I;m glad one of the UK banks allows applications from outside the UK.

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Re: UK banks and brokers after Brexit

#395202

Postby richfool » March 13th, 2021, 1:05 pm

Having been notified by my 2 UK credit card companies that they will be using the code texted to one's mobile phone number to authenticate purchases, I am trying to work out the implications if I get to travel overseas again and use my credit card to pay for things overseas. When I visit the Far East, I remove my UK SIM from my smart phone and either use wi-fi through hotels etc there, or sometimes I buy a local SIM within that country, which obviously my UK credit card companies won't know and can't text me on.

I've sent them a feedback report asking about the situation.

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Re: UK banks and brokers after Brexit

#395224

Postby Alaric » March 13th, 2021, 2:05 pm

richfool wrote:Having been notified by my 2 UK credit card companies that they will be using the code texted to one's mobile phone number to authenticate purchases, I am trying to work out the implications if I get to travel overseas again and use my credit card to pay for things overseas.


i thought they were only using the two factor thing for on-line purchases. in the UK or anywhere there shouldn't be any particular reason to expect to be carrying a mobile phone when paying for something in person using a card.

richfool
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Re: UK banks and brokers after Brexit

#395247

Postby richfool » March 13th, 2021, 2:43 pm

Alaric wrote:
richfool wrote:Having been notified by my 2 UK credit card companies that they will be using the code texted to one's mobile phone number to authenticate purchases, I am trying to work out the implications if I get to travel overseas again and use my credit card to pay for things overseas.


i thought they were only using the two factor thing for on-line purchases. in the UK or anywhere there shouldn't be any particular reason to expect to be carrying a mobile phone when paying for something in person using a card.

Ah, sorry, I got that the wrong way round. So would that affect me booking a flight online when overseas?

I note they do say "some" online payments..
All UK card issuers are adding in this extra security check for some online payments, and we’re starting this from June. It’s to help protect you from online fraud when you’re shopping online

They also say:
It’ll be easier for you if you have more than one way to receive a passcode. For example, if you’re shopping online away from home, but you only have a landline number registered with us, then we won’t be able to confirm it’s you and your purchase will be declined.

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Re: UK banks and brokers after Brexit

#395250

Postby Lootman » March 13th, 2021, 2:54 pm

richfool wrote:
Alaric wrote:
richfool wrote:Having been notified by my 2 UK credit card companies that they will be using the code texted to one's mobile phone number to authenticate purchases, I am trying to work out the implications if I get to travel overseas again and use my credit card to pay for things overseas.

i thought they were only using the two factor thing for on-line purchases. in the UK or anywhere there shouldn't be any particular reason to expect to be carrying a mobile phone when paying for something in person using a card.

Ah, sorry, I got that the wrong way round. So would that affect me booking a flight online when overseas? I note they do say "some" online payments..
All UK card issuers are adding in this extra security check for some online payments, and we’re starting this from June. It’s to help protect you from online fraud when you’re shopping online

They also say:
It’ll be easier for you if you have more than one way to receive a passcode. For example, if you’re shopping online away from home, but you only have a landline number registered with us, then we won’t be able to confirm it’s you and your purchase will be declined.

This is a big problem. I have had trouble making online purchases whilst overseas precisely because of the inability to promptly receive a code that is texted to my UK phone which, for a variety of reasons, does not always work overseas.

The alternatives that the issuers suggest for getting around that are mostly not practicable for me. The only one that works well is the option to have the code sent to my email, but inexplicably not all issuers and institutions give that as an option.

I got around this problem only by having more than one phone, one of which serves just for receiving codes. But that is otherwise annoying and expensive.

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Re: UK banks and brokers after Brexit

#395273

Postby GrahamPlatt » March 13th, 2021, 5:08 pm

You can also get around it by having a TransferWise (OK, just "Wise" now) card. I believe only the 1st £200 (€,$, Yuan whatever equivalent) is free, and then there's a charge. But I don't think it's more than you'd get charged by most banks.

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Re: UK banks and brokers after Brexit

#395280

Postby JamesMuenchen » March 13th, 2021, 5:56 pm

GrahamPlatt wrote:You can also get around it by having a TransferWise (OK, just "Wise" now) card. I believe only the 1st £200 (€,$, Yuan whatever equivalent) is free, and then there's a charge. But I don't think it's more than you'd get charged by most banks.

That limit is for cash withdrawals.

You can pay by card or online without ever incurring charges.

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Re: UK banks and brokers after Brexit

#395300

Postby richfool » March 13th, 2021, 7:54 pm

GrahamPlatt wrote:You can also get around it by having a TransferWise (OK, just "Wise" now) card. I believe only the 1st £200 (€,$, Yuan whatever equivalent) is free, and then there's a charge. But I don't think it's more than you'd get charged by most banks.

Yes, but a (Transfer)Wise card is not a credit card. I have a (Transfer) Wise card, but that doesn't support credit card transactions. It's at best a debit card and would only support transactions within the balance I had put on the account.

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Re: UK banks and brokers after Brexit

#395324

Postby stevensfo » March 13th, 2021, 10:14 pm

richfool wrote:Having been notified by my 2 UK credit card companies that they will be using the code texted to one's mobile phone number to authenticate purchases, I am trying to work out the implications if I get to travel overseas again and use my credit card to pay for things overseas. When I visit the Far East, I remove my UK SIM from my smart phone and either use wi-fi through hotels etc there, or sometimes I buy a local SIM within that country, which obviously my UK credit card companies won't know and can't text me on.

I've sent them a feedback report asking about the situation.


Just buy a really cheap smartphone or even cheaper older phone for your sim cards when you travel abroad. I have a different phone for each country.

It's part of your privacy. Why should you allow your bank in the UK to know that you're in Asia? I agree with the other poster. Use Transferwise, Revolut and Monese when you travel. They are much cheaper as well.

Then again, the biggest problem is nothing to do with banks etc. It's to do with the different cables that these bloody phones require for charging!!! 8-)


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Re: UK banks and brokers after Brexit

#395327

Postby Lootman » March 13th, 2021, 10:18 pm

stevensfo wrote:
richfool wrote:Having been notified by my 2 UK credit card companies that they will be using the code texted to one's mobile phone number to authenticate purchases, I am trying to work out the implications if I get to travel overseas again and use my credit card to pay for things overseas. When I visit the Far East, I remove my UK SIM from my smart phone and either use wi-fi through hotels etc there, or sometimes I buy a local SIM within that country, which obviously my UK credit card companies won't know and can't text me on.

I've sent them a feedback report asking about the situation.

Just buy a really cheap smartphone or even cheaper older phone for your sim cards when you travel abroad. I have a different phone for each country.

It's part of your privacy. Why should you allow your bank in the UK to know that you're in Asia?

Yes, that is exactly the strategy that I have adopted. It is no business of any financial institution where I am located at any given time.

So I have two phones, one of which is a cheap one for exactly this purpose.

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Re: UK banks and brokers after Brexit

#395402

Postby richfool » March 14th, 2021, 11:23 am

Lootman wrote:
stevensfo wrote:
richfool wrote:Having been notified by my 2 UK credit card companies that they will be using the code texted to one's mobile phone number to authenticate purchases, I am trying to work out the implications if I get to travel overseas again and use my credit card to pay for things overseas. When I visit the Far East, I remove my UK SIM from my smart phone and either use wi-fi through hotels etc there, or sometimes I buy a local SIM within that country, which obviously my UK credit card companies won't know and can't text me on.

I've sent them a feedback report asking about the situation.

Just buy a really cheap smartphone or even cheaper older phone for your sim cards when you travel abroad. I have a different phone for each country.

It's part of your privacy. Why should you allow your bank in the UK to know that you're in Asia?

Yes, that is exactly the strategy that I have adopted. It is no business of any financial institution where I am located at any given time.

So I have two phones, one of which is a cheap one for exactly this purpose.


Do you mean buy a SIM overseas, which is what I do, but then the number will change each time I do that and I would have to notify the UK bank of the number. Previously, I remove my UK SIM when in flight and then replace it with a local SIM after arrival. I take my UK SIM out of my phone to avoid any possibility of roaming or other charges, or losing it. (My phone would accommodate 2 SIM's or I could use an old phone, but I preferred to remove the UK SIM).

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Re: UK banks and brokers after Brexit

#395467

Postby BBLSP1 » March 14th, 2021, 2:40 pm

I have a £20 Nokia ‘dumb’ phone and my UK SIM goes in that when outside the UK. I can then receive number codes in some quite obscure places, e.g. recently in Rwanda, though you will have to check with your UK provider where it will work. I use an EE pay-as-you go and can receive such texts for free. I can also top up online as needed from overseas.

The local SIM goes in my smartphone, although increasingly countries want ‘chapter and verse’ before you can buy a local SIM.

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Re: UK banks and brokers after Brexit

#396267

Postby stevensfo » March 16th, 2021, 7:23 pm

BBLSP1 wrote:I have a £20 Nokia ‘dumb’ phone and my UK SIM goes in that when outside the UK. I can then receive number codes in some quite obscure places, e.g. recently in Rwanda, though you will have to check with your UK provider where it will work. I use an EE pay-as-you go and can receive such texts for free. I can also top up online as needed from overseas.

The local SIM goes in my smartphone, although increasingly countries want ‘chapter and verse’ before you can buy a local SIM.


It's cuckoo. In places like UK and Poland, you can buy a sim or phone with no problem at all. In Malta, some shops have piles of Vodafone sims for 2 euros with 2 euros credit included.

In Italy, you have to show I.D. and your Codice Fiscale ( like N.I. number).

In Tanzania, the shopkeeper had to take a photo of me with my passport. However, in Tanzania, people were using their mobile phones for banking long before the UK, so that's probably why.


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Re: UK banks and brokers after Brexit

#396272

Postby Lootman » March 16th, 2021, 7:29 pm

stevensfo wrote:
BBLSP1 wrote:I have a £20 Nokia ‘dumb’ phone and my UK SIM goes in that when outside the UK. I can then receive number codes in some quite obscure places, e.g. recently in Rwanda, though you will have to check with your UK provider where it will work. I use an EE pay-as-you go and can receive such texts for free. I can also top up online as needed from overseas.

The local SIM goes in my smartphone, although increasingly countries want ‘chapter and verse’ before you can buy a local SIM.

It's cuckoo. In places like UK and Poland, you can buy a sim or phone with no problem at all. In Malta, some shops have piles of Vodafone sims for 2 euros with 2 euros credit included.

In Italy, you have to show I.D. and your Codice Fiscale ( like N.I. number).

In Tanzania, the shopkeeper had to take a photo of me with my passport. However, in Tanzania, people were using their mobile phones for banking long before the UK, so that's probably why.

Yes, in my experience, the shops most likely to sell you a no-questions-asked SIM are the shadiest, sketchiest shops in neighbourhoods that are usually populated by non-nationals. I have no problem with that. Anonymous phones should be an option.

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Re: UK banks and brokers after Brexit

#396286

Postby stevensfo » March 16th, 2021, 8:38 pm

Lootman wrote:
stevensfo wrote:
BBLSP1 wrote:I have a £20 Nokia ‘dumb’ phone and my UK SIM goes in that when outside the UK. I can then receive number codes in some quite obscure places, e.g. recently in Rwanda, though you will have to check with your UK provider where it will work. I use an EE pay-as-you go and can receive such texts for free. I can also top up online as needed from overseas.

The local SIM goes in my smartphone, although increasingly countries want ‘chapter and verse’ before you can buy a local SIM.

It's cuckoo. In places like UK and Poland, you can buy a sim or phone with no problem at all. In Malta, some shops have piles of Vodafone sims for 2 euros with 2 euros credit included.

In Italy, you have to show I.D. and your Codice Fiscale ( like N.I. number).

In Tanzania, the shopkeeper had to take a photo of me with my passport. However, in Tanzania, people were using their mobile phones for banking long before the UK, so that's probably why.

Yes, in my experience, the shops most likely to sell you a no-questions-asked SIM are the shadiest, sketchiest shops in neighbourhoods that are usually populated by non-nationals. I have no problem with that. Anonymous phones should be an option.


I wouldn't describe UK, Polish and Maltese sim-selling shops as shady and sketchy.

My remark 'It's cuckoo' was agreeing with BBLSP1's comment about how some countries don't give sims out easily. Plain daft. A Sicilian has to show I.D. to get a sim card, but he can take the ferry to Malta and get as many anonymous sims as he wants. Anyone else just goes to Tesco, buys plenty of sims and puts cash on them at the checkout.

I like the old Alcatel clamshell phones. Small, extremely cheap, keyboard is protected, battery lasts for ever.

Steve


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