Kibkom North Cyprus Forum

Wave goodbye to your UK account if you happen to have a "Turkish" address!!

Tech trader, can you please expand on your post, do you have confirmed info on this or just hearsay. Thankyou

Just rang Nat West in the UK, and the girl in that department told me she has not seen any letters regarding Turkey going out, but could not confirm it may happen !!!

If it does you have 180 days to find an alternative.

Lol funny how she knows about the six months to find an alternative!
Not hearsay I have confirmed proof notification email goes something like this...

"As a business, we've taken the difficult decision to reduce the number of countries in which we service our customers.

We’re sorry to say this means we can no longer offer you banking services. We understand that you'll need time to put other banking arrangements in place, so we are giving you six months' notice of when your account(s) below will close..."

I've not had this email.

Also, she said you are informed by letter not email.

Their website says "
We will help you every time you move so that you can successfully set up your new life abroad. Whether you are moving to work outside the UK or moving abroad, we offer a range of international banking services to suit your needs.

Are there any more Nat West customers that have received this email?

I’ve worked in UK banking for my whole adult life (and still do).

None of these banks want customers who don’t live in the UK to be using the products which are designed for UK resident customers.

There is a risk that in dealing with a customer who is resident in another country, that the regulations of that country may apply to the bank too as well as English law and they’re not set up to deal with it.

If you have an overseas address with a standard UK Current Account you’re on borrowed time until they get round to you with a notice to close your account!

The people I know that this affects the most are well into their retirement age have had these accounts for well over 50 years (with zero debt) and are now forced to make new arrangements for their pensions etc which is no easy task.

It's a disgrace how this is done.

Santander closed our joint bank account as we had a Cyprus address. They had written to me requesting tax details and residency etc which were supplied. The account was reinstated but then closed arbitrarily as my wife had not supplied the same details. I took them to the ombudsman and was awarded judgement against them.We were awarded punitive minimal damages but the account remained closed. Financial institutions can do as they please and do not appear to want overseas customers We had banked with them for many years including when they took over Abbey National and had substantial funds deposited with them .

It really is best to maintain a UK address if you can, and if possible with several banks. Realise that all cannot do this unfortunately.

alphamike wrote: ↑

Wed 01 Mar 2023 9:54 am

It really is best to maintain a UK address if you can, and if possible with several banks. Realise that all cannot do this unfortunately.

Which means lying to the bank about where you are resident ? It may be a solution but not without its own risks it seems to me ?

I take your point Erol, although some do have UK addresses too, so there is no lying to the bank.

Received the dreaded email today.
There is no chance of me being able to have a UK address to change to.
Has anyone had any experience of having Uk pensions paid into a Turkish mainland bank (ie TEB not for example Creditwest)
Any serious comments please.

Look at Wise and set up GBP with TEB, pension paid direct to Wise then transfer here. Cost £4.27 irrespective of the amount so £1,000 or £10,000 etc. You can use your Wise card to pay GBP, TL, Euro at live exchange rate...

I think Turk Bankasi have a London branch which may be helpful to some.

Laura B wrote: ↑

Thu 02 Mar 2023 5:44 pm

I think Turk Bankasi have a London branch which may be helpful to some.

Went in yesterday, and they will not open a London account for you. They say you have to be a resident with proof by utility bills etc.

Went in yesterday, and they will not open a London account for you. They say you have to be a resident with proof by utility bills etc.

Oh that's no use at all then. Thanks for the info Hc.

* Duplicate post

laptatony wrote: ↑

Thu 02 Mar 2023 4:37 pm

Look at Wise and set up GBP with TEB, pension paid direct to Wise then transfer here. Cost £4.27 irrespective of the amount so £1,000 or £10,000 etc. You can use your Wise card to pay GBP, TL, Euro at live exchange rate...

According to the Wise website, you can open an account, but can't get a card with an address here:

Getting started with the Wise card
The Wise card lets you spend money around the world with low conversion fees and zero transaction fees. It’s currently available for Wise account-holder residents in Australia, Brazil, the EEA, Japan, New Zealand, Singapore, Malaysia, Switzerland, the UK, the US and Canada.

https://wise.com/help/articles/2970190/ ... -wise-card

You maybe better off with a Revolut card, this piece (part of an article on the subject) is copied from “Which magazine. back in 2018…

Challenger bank Revolut is one of the few providers not to be affected by the potential loss of passporting. As it has licenced entities in both the UK and the EU, its European entity will still be able to offer its services across the EEA after Brexit takes place.

As for how Brexit will affect existing Revolut customers, a spokesperson told us: 'Revolut will not be closing accounts as a result of Brexit.

'Customers living outside the UK will have (or have already had) their account migrated to our European e-money entity so that service can continue smoothly post Brexit.'

Some providers have Brexit-specific information for customers online, so if you're unsure of whether any accounts or products you hold will be affected after the UK's withdrawal it's best to check if there's already information on the topic - or contact them instead.