Tens of thousands of UK citizens who live in the EU are to be stripped of their UK bank accounts and credit cards within weeks, The move occurs as the UK government failed to agree on any post-Brexit trade deal with the EU.
Since the UK won't be continuing with pan-European banking rules and passporting, It will be illegal for the UK banks to provide services to british customers in the EU without having new banking licences.
Barclays bank has sent out emails to their customers in Spain stating that their credit cards will be cancelled in November 2020 if they fail to provide a UK residential address.
Most of the retired expats use their credit card in Spain and get their pensions paid in the same account.
The email says "Unfortunately, we now need to let you know your account will be closed in November 16, 2020 If you don't provide us with a UK residential address."
"Please log into your Barclaycard online servicing account and update details of your UK residential address before November 16,2020. Your address must be in one of the following countries: England, Wales, Scotland or Northern Ireland. If you're unable to provide us with your UK residentials address by November 16, 2020, You're account will be closed on that day."
A spokesperson from Barclays Bank said, "With the UK due to leave the European Union, We can no longer offer credit cards to the customers that do not have a residential UK address linked to their barclaycard. We have written to the impacted customers to give them advance notice of the decision."
Barclays bank in the UK will need the UK residential address by November 16, 2020 of the Brittons living in the EU. You can login to Barclays bank online or use Barclays App and update your address.
You can read more here : The Times
Share what you think