Living in Europe, what happens to my UK Monzo money after Brexit?

Monzo Chat
1

Hi,

I lived in the UK until March 2019 and then moved to Europe.
I had a Monzo account and I kept it open for the times that I occasionally visit the UK again.
I still have a savings pot open in Monzo.

I was wondering what happens to that money after the 31st December?

Since I don’t live in the UK anymore, and I am just a European citizen, am I in a disadvantage position? Does the usual FSCS protection apply? What are the risks that I am vulnerable to?

Thanks,
Claudia

2

I think irrespective of Brexit this changes your eligibility to your account.

3

Really?

I did not know that.
Actually, I had pre-settled status in the UK. I thought I was going to move back to the UK soon but it didn’t happen (and probably will not happen now…). I believe that the pre-settled status has expired by now.

4

I don’t work for Monzo, so what follows is just my best guess.

It will stay in your Monzo account until such time as Monzo decide that they can’t offer you a bank account anymore. When (or if) that happens they will contact you to ask where you would like the money sent to.

5

I know starling say you do t have to be a UK tax resident to have an account. But not sure if that differs from UK resident. Either way I reckon you’d need a safe UK address for correspondence

6

If you are no longer a UK resident and your status expired, you won’t be able to move back to the UK after 1 January without applying for a visa, etc This would probably mean you’re ineligible for UK bank accounts

I am not an immigration lawyer or a financial advisor. These are just the (un)educated guesses of a random bloke from the internet

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