To follow on from our interview with Brian Cave, we have pulled out this programme from our archive. We speak to Deborah Benn of The ExpatMoneyChannel.com to discuss the following points:
1) What are the problems expats are facing
- Unable to open an account once outside of the UK
- Even if you still operate a bank account in the UK, unable to open one for children once you move abroad
- For those that still operate a UK account often find that banking privileges being reduced, such as credit cards or moving to a higher paying account
- Forced to move offshore where minimum balances and charges are higher
- Any problems are often not rectified until you visit the UK
2) What the regulations say
- There is no legislation that says British expats cannot keep open a UK account
- Banks have to ‘know their customers’ - for many this means a UK address, utilities bills etc.
- Expats can complete a form R105 to get interest paid gross, if they are non-resident for tax, while abroad. Although there is no compulsion on banks to accept and apply the form.
3) What the banks say
- An overview of what some of the banks have said in response to our survey
- An overview of how banks fared in the survey
4) ExpatMoneyChannel top tips for keeping open a UK bank account
You can contact Deborah Benn who is the Managing Editor at:
www.ExpatMoneyChannel.com
