There is fear that tens of thousands expatriates who are account holders in Britain will leave following letters from the big banks to customers across Europe warning that all services are to be scrapped unless they have addresses in the country.
This post-Brexit rules which the banks are preparing to implement, Nigel Green, the CEO and founder of deVere Group, one of the world’s largest financial advisory and fintech organisations, said will lead to closure of numerous accounts especially by expats across Europe and cancellation of their credit cards.
Britain is at an advanced stage to exit the European Union and has prepared a set of rules to guide its new status.
Green says: “Most of the UK’s high street banks are plotting to unceremoniously abandon their customers across Europe within weeks.
“Accounts will be shut and debit and credit cards voided – regardless of how much or how little you have in those accounts or how long you have been a client – as it becomes illegal for UK banks to service British customers living in the EU without applying for new banking licenses.”
He continues: “Once again, traditional banks are outrageously failing their clients who now need to take urgent steps to continue to be able to access, use, and manage their money.
“The move by these banks will be a major inconvenience to many tens of thousands of Brits living in the EU.”
Before post-Brexit rules come into effect, those affected are being urged to find alternatives to avoid potentially serious financial disruption.
“I would urge expats to now seek a financial services provider that already operates under pan-European rules,” says the deVere Group CEO.
In 2017 the firm launched deVere Vault. deVere Vault provides borderless global services with a ground-breaking e-money app and a single card, multi-currency service designed with those with an international lifestyle in mind.
“You’re able to open a deVere Vault account in around five minutes, withdraw money from any cash machine worldwide, get real-time notifications with all your transactions, spend money on the card wherever Mastercard is accepted, and send and receive money in most major currencies,” notes Green.
He concludes: “deVere Vault meets a growing need in an increasingly globalised world for our clients to have borderless access to and use of their money.
“Agile, tech-driven challenger banks and fintech firms are ready to fill the void left by traditional banks who are now having to routinely ditch their customers.”
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