British banks planning to drop clients throughout Europe
Warning to thousands of expats across Europe: due to post-Brexit rules, many UK banks are planning to close accounts and cancel credit cards.
The majority of the UK’s major banks are now writing to clients in the EU to inform them that all services will be scrapped unless they can provide a UK address.
Accounts will be closed and credit and debit cards cancelled, irrespective of the amount of funds held in these accounts, or the length of time you have been a client, as it is about to become illegal for British banks to service British clients residing in the EU without applying for new banking licences.
Yet again, traditional banks are failing their clients in a dramatic way, forcing them to take urgent action in order to continue to access, use and manage their money.
This latest move will prove to be a huge inconvenience to tens of thousands of British people living in the EU.
As such, before the post-Brexit rules come into play, those affected should urgently seek alternatives to mitigate potentially serious disruption to their finances.
I would press expats to now seek advice from a financial services provider already operating within pan-European regulations.
This was one of the many reasons we launched deVere Vault back in 2017, the e-money, multi-currency service that is specifically designed for people living an international lifestyle.
A Vault account can be opened in minutes, users can withdraw money from any ATM across the globe, receive real-time notifications on all transactions, use the card wherever Mastercard is accepted and send and receive money in the majority of major currencies.
This latest news again shows how technology-driven challenger banks and fintech firms are ready and waiting to fill the gap left by traditional banks who are now having to routinely drop their customers.