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Barclays to close expat accounts unless six-figure sum deposited
| Published: | 23 Jul at 6 PM |
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Expat in a number of countries face the prospect of their Barclays Bank accounts being closed down unless they have a balance of at least £100,000.
The bank announced that it would close down accounts that were not worth £100,000 within a couple of months, meaning many Brits living abroad will need to deposit huge sums of money should they wish to keep their business links with the lender.
Barclays has already sent letters out to expats in Cyprus acknowledging that they know they may be disappointed by the ruling, and stating that they would help them out as much as possible during the transition period.
A spokesman revealed that more letters would be dispatched to expats residing in countries where the bank will no longer focus on. He pointed out that the bank announced two years ago that it was to focus on 70 nations worldwide,
That means within two to three months, expats in Cyprus, who are no longer viewed as “core” customers will see their accounts closed unless they are worth £100,000. Expats living in Malta and Greece are also reported to be facing the same predicament.
Barclays has yet to comment on how many expats could be affected by the new rules.
The bank announced that it would close down accounts that were not worth £100,000 within a couple of months, meaning many Brits living abroad will need to deposit huge sums of money should they wish to keep their business links with the lender.
Barclays has already sent letters out to expats in Cyprus acknowledging that they know they may be disappointed by the ruling, and stating that they would help them out as much as possible during the transition period.
A spokesman revealed that more letters would be dispatched to expats residing in countries where the bank will no longer focus on. He pointed out that the bank announced two years ago that it was to focus on 70 nations worldwide,
That means within two to three months, expats in Cyprus, who are no longer viewed as “core” customers will see their accounts closed unless they are worth £100,000. Expats living in Malta and Greece are also reported to be facing the same predicament.
Barclays has yet to comment on how many expats could be affected by the new rules.
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