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N26 digital bank decision causing chaos for British expats in Spain
| Published: | 5 Mar at 6 PM |
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British expats in Spain with N26 digital bank accounts are rushing to change their registered addresses.
The Germany-based relatively new expat banking service became popular amongst British expats in Spain due to its straightforward fund transfers, but the digital bank is now pulling out of the UK market. Brexit is the reason, and the change is due to close down some 200,000 UK-registered accounts. Many UK expats living, working or retiring in Spain still have registered UK addresses and are now rushing to change to their Spanish addresses before their accounts are closed down.
N26 is a very recent arrival on the expat banking scene, having launched in the UK in mid 2018, and were publishing blogs stating their intention to continue their UK operations post-Brexit. However, all the articles have now been deleted and replaced with new advisories announcing the cancellation of their UK services. UK expats are unhappy about the bank’s decision, with many confused as to whether they can just change their details to their Spanish addresses or be forced to apply again for the popular service.
Apparently, the bank’s customer service department is as confused as are expats themselves, with some being told to simply change their addresses whilst others have been informed that they must register a new account. Expats with buy-to-let property in the UK who need to transfer their rental earnings to Spain are especially unhappy, as are those with pensions based in the UK which need to be transferred to a Spanish bank. As yet, no further information has been forthcoming from the bank.
The Germany-based relatively new expat banking service became popular amongst British expats in Spain due to its straightforward fund transfers, but the digital bank is now pulling out of the UK market. Brexit is the reason, and the change is due to close down some 200,000 UK-registered accounts. Many UK expats living, working or retiring in Spain still have registered UK addresses and are now rushing to change to their Spanish addresses before their accounts are closed down.
N26 is a very recent arrival on the expat banking scene, having launched in the UK in mid 2018, and were publishing blogs stating their intention to continue their UK operations post-Brexit. However, all the articles have now been deleted and replaced with new advisories announcing the cancellation of their UK services. UK expats are unhappy about the bank’s decision, with many confused as to whether they can just change their details to their Spanish addresses or be forced to apply again for the popular service.
Apparently, the bank’s customer service department is as confused as are expats themselves, with some being told to simply change their addresses whilst others have been informed that they must register a new account. Expats with buy-to-let property in the UK who need to transfer their rental earnings to Spain are especially unhappy, as are those with pensions based in the UK which need to be transferred to a Spanish bank. As yet, no further information has been forthcoming from the bank.
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