Thousands of British expats who live in Europe will “be stripped of the UK bank accounts” and their “credit cards” as the UK has failed to negotiate post Brexit rules.
This is because it will become illegal for banks in the UK to allow British expats living in Europe to hold an account due to the post-Brexit rules.
Major banks in the UK such as Lloyds, Barclays and Coutts have started to give notice to their expat customers that their accounts will cease from 11pm on 31 December.
The Sunday Times confirmed that Lloyds Bank will be withdrawing services from Portugal, Italy, Germany, Holland, Slovakia and Ireland which will affect 13,000 customers.
Barclays also confirmed their move to cancel bank accounts along with credit card customers and letters have been sent out.
Customers who bank with Barclays and are living in Spain, France and Belgium have been informed their Barclaycard will be cancelled.
A Barclays Bank customer told the Sunday Times, that their Barclaycard will be cancelled on 16 November and had been a customer for 40-years.
Another person said that they will provide UK addresses which will be their friends to keep their existing bank account.
UK banks will not be allowed to provide bank accounts after Brexit as it will be illegal, the banks would have to apply for new EU banking licences.
NatWest and Santander are “considering their options” and have not announced their plans to cancel accounts.