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Campaign launched to save expats' UK bank accounts
A campaign is being started to force the British Government to clarify the rules on expats’ rights to UK bank accounts.
By Leah Hyslop
Published: 10:25AM BST 16 Jul 2010
1 Comment
Many expats are confused by the regulations on retaining a UK bank account Photo: ACE STOCK LIMITED / Alamy
British expatriates constantly receive conflicting information on their UK banking arrangements, according to expat financial experts Expat Money Channel.
Despite the fact that many plan to return at some point to the UK, some banks demand that expats close their onshore accounts while others allow them to keep their arrangements as they are.
Expat Money Channel plans to campaign to the UK Government and financial regulators to support British expats who wish to retain a UK account, and clarify regulations.
Hannah Beecham, who is co-ordinating the campaign, said that the confusion has been an issue for some time, but “has come to a head with the recent economic crisis, and the insecurity which many expats feel about their banking arrangements.
“Most expats plan to return to the UK, either to retire, or for holidays, or to do necessary business, and are hindered by the fact they are sometimes not allowed to keep a bank account here. We’ve already heard from lots of expats who have noticed inconsistencies across the banking sector, and are urging the Government to assist expats in their need for clarity and consistency.”
According to Ms Beecham, the confusion is down to the UK’s Know Your Customer or KYC anti money-laundering regulations, which insist that UK bank accounts cannot be provided without proof of a UK address. However, there is no law against banks allowing expats to retain a British account.
“It seems to me that the KYC regulations were drawn up without a thought given to expats,” said Ms Beecham. “What we need is for the Government to clarify the situation, and perhaps make allowances for different ‘types’ of expats – those that are only going abroad for a short period, for example, as opposed to those that are emigrating permanently.”
Expat Money Channel is compiling a report on the matter and asks British expats to contact them via their website to give examples of the advice they have received from their own banks.
There is also a questionnaire, Offshore Britain – Where do we go from here? which expats can fill in.
A campaign is being started to force the British Government to clarify the rules on expats’ rights to UK bank accounts.
By Leah Hyslop
Published: 10:25AM BST 16 Jul 2010
1 Comment
British expatriates constantly receive conflicting information on their UK banking arrangements, according to expat financial experts Expat Money Channel.
Despite the fact that many plan to return at some point to the UK, some banks demand that expats close their onshore accounts while others allow them to keep their arrangements as they are.
Expat Money Channel plans to campaign to the UK Government and financial regulators to support British expats who wish to retain a UK account, and clarify regulations.
Hannah Beecham, who is co-ordinating the campaign, said that the confusion has been an issue for some time, but “has come to a head with the recent economic crisis, and the insecurity which many expats feel about their banking arrangements.
“Most expats plan to return to the UK, either to retire, or for holidays, or to do necessary business, and are hindered by the fact they are sometimes not allowed to keep a bank account here. We’ve already heard from lots of expats who have noticed inconsistencies across the banking sector, and are urging the Government to assist expats in their need for clarity and consistency.”
According to Ms Beecham, the confusion is down to the UK’s Know Your Customer or KYC anti money-laundering regulations, which insist that UK bank accounts cannot be provided without proof of a UK address. However, there is no law against banks allowing expats to retain a British account.
“It seems to me that the KYC regulations were drawn up without a thought given to expats,” said Ms Beecham. “What we need is for the Government to clarify the situation, and perhaps make allowances for different ‘types’ of expats – those that are only going abroad for a short period, for example, as opposed to those that are emigrating permanently.”
Expat Money Channel is compiling a report on the matter and asks British expats to contact them via their website to give examples of the advice they have received from their own banks.
There is also a questionnaire, Offshore Britain – Where do we go from here? which expats can fill in.