- Home » Expat News » N26 online bank dumps 200,000 British expat clients due to Brexit
N26 online bank dumps 200,000 British expat clients due to Brexit
| Published: | 17 Feb at 6 PM |
Want to get involved?
Become a Featured Expat and take our interview.
Become a Local Expert and contribute articles.
Get in touch today!
Become a Local Expert and contribute articles.
Get in touch today!
Expats in Spain face the closure of their digital N26 UK bank accounts due to Brexit.
Several hundred thousand British expats living in Spain but banking in the UK with the digital N26 bank are being forced to close their UK accounts and are struggling to find suitable alternatives. Based in Germany and operating as an online banking service for expatriates, N26 has only operated within the British expat community for 18 months. The service became very popular within the UK expat community as its money transfers were easy and inexpensive.
Recent posts on the bank’s website promising continued service post-Brexit have simply been reversed, with the site now showing a statement that it was cancelling its connection with the UK market. The news has caused chaos amongst the bank’s 200,000 expat clients, many of whom are now attempting to change their banking addresses from the UK to their Spanish addresses in a bid to retain the service before it shuts down. One Briton living in Fuengirola told local media the announcement was a shock, adding that many of his friends have joined him in changing their official addresses in order to hopefully save their accounts.
However, employees at the bank seem to be as confused as their customers, with one Briton being told address changes were permitted and another told it wasn’t possible and a new account would need to be opened. Many expats in the popular retirement hub are angry at the bank’s sudden decision and its blaming of Brexit for the decision to dump such a huge number of clients. As of now, there’s no information about the ease or otherwise of opening a new account quoting just a Spanish address.
Several hundred thousand British expats living in Spain but banking in the UK with the digital N26 bank are being forced to close their UK accounts and are struggling to find suitable alternatives. Based in Germany and operating as an online banking service for expatriates, N26 has only operated within the British expat community for 18 months. The service became very popular within the UK expat community as its money transfers were easy and inexpensive.
Recent posts on the bank’s website promising continued service post-Brexit have simply been reversed, with the site now showing a statement that it was cancelling its connection with the UK market. The news has caused chaos amongst the bank’s 200,000 expat clients, many of whom are now attempting to change their banking addresses from the UK to their Spanish addresses in a bid to retain the service before it shuts down. One Briton living in Fuengirola told local media the announcement was a shock, adding that many of his friends have joined him in changing their official addresses in order to hopefully save their accounts.
However, employees at the bank seem to be as confused as their customers, with one Briton being told address changes were permitted and another told it wasn’t possible and a new account would need to be opened. Many expats in the popular retirement hub are angry at the bank’s sudden decision and its blaming of Brexit for the decision to dump such a huge number of clients. As of now, there’s no information about the ease or otherwise of opening a new account quoting just a Spanish address.
Comments » No published comments just yet for this article...
Feel free to have your say on this item. Go on... be the first!
