You might want to look at fintech banks that work well across EU borders. Wise (formerly TransferWise), Revolut, and N26 are good options—they usually have low or no minimum balances and good international access. Also check with Irish banks like Bank of Ireland or AIB, sometimes they’ll let you open an account with proof of upcoming residence.
N26 don’t do UK DDs as OP needs.
PS Revolut don’t either if you’ve a non UK account.
My father lives in Australia and has a GBP bank account with Lloyds in the Isle of Man so that he can receive a UK pension. He doesn’t have any direct debits so I don’t know if they’re permitted but the account does have a UK-style sort code and account number.
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It does do DDs and I was thinking of keeping mine when I moved to Oz not too long from now. However, they don’t let EU residents retain accounts.
Wait so they don’t close your accounts if you move abroad to somewhere outside the EU?
UK banks don’t generally, and it’s fraud to relocate abroad and not tell the bank your new residency. Some banks will catch on, like monzo, if you’re solely accessing the account abroad for a long period or only spending in FX for long periods.
Monzo will let you keep your account if you’re going for less than 12 months, but anything after, they will advise to close - or they can do it for you.
Can’t speak for other banks, but if you’re moving indefinitely then it’s best to be open and honest.
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Depends where you’re going, but generally they don’t seem to, apart from fintech banks.
Peopte living in the EU had their UK accounts closed by Lloyds/Halifax/BoS, RBS/NatWest/Ulster and some others several years ago.
What about accounts held in the Isle of Man where different regulations seem to apply?
I think Lloyds closed those too if you lived in the EU. The problem is around passporting so if a bank doesn’t have a presence in an EU country, your accounts are likely to get closed if you’re living in the EU.
Wise would be a good choice for you.
Yes different regulations do apply, those are accounts held with Lloyds Bank Corporate Markets, which is actually a totally separate bank, and they are held “in” the Isle of Man so are subject to IoM regulations instead. Lloyds International therefore accepts customers from most countries. It’s similar with other international arms of UK banks based in IoM or the Channel Islands.
Lloyds only closed some accounts, as they are willing to do business with some countries but not others. I think it is due to differences in local regulations, despite them all being EU countries, but I’m not fully sure.
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Local AML laws differ from countries within the EU, even though banking licensing is generally standard across the EU.
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Makes sense!
If memory serves, the issues arose with Holland, France, and Spain, or at least they were the most vocal about it in the papers.
It varied by bank, MoneySavingExpert had a good summary:
https://www.moneysavingexpert.com/news/2020/09/thousands-of-british-expats-face-uk-account-closures/
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Welcome back!
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Can anyone open a Monzo account if living abroad, but they have a UK address?
Why would they have a genuine UK address if they were living abroad?
You have to be a UK resident
But one can still be UK resident and (temporarily) living abroad. The key metric is if If you’ve been in the UK for 183 days or more in a tax year
Further info: RDR3: Statutory Residence Test (SRT) notes - GOV.UK
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Property here and abroad?