Can you keep your UK bank account when moving abroad?

Moving abroad is a hugely exciting experience, but it can also be daunting. There’s a lot to think about, including how you’ll manage your money in a new country.

At some point, it could be a good idea to open a local bank account in your new destination. But can you keep using your UK bank account for the time being? Find out here in this guide, along with tips for alternatives such as offshore bank accounts.

There’s also the Wise account, a brilliant travel-friendly alternative to bank accounts. It can be opened online, works worldwide and lets you send, spend and receive multiple currencies worldwide all in one place.

Please see the Terms of Use for your region.

Can you keep your UK bank account when moving abroad?

It all depends on who you bank with. Since the UK left the European Union in 2020, major banks such as Barclays announced that it would be closing the accounts of British people living overseas in Europe. This was to do with the change in regulations, which required banks to have separate authorisation in every EEA country it operated in.

However, Barclays will let you keep your account if you:¹

• Are a UK Crown employee, or the spouse/civil partner of one
• Are living outside the UK for less than six months, and plan to move back
• Have an address outside the UK that is for someone who manages your account (such as an accountant, lawyer or person with power of attorney).

But this Brexit-related change hasn’t affected all banks. One notable exception is high street favourite Santander, the Spanish-owned bank which operates in both the UK and across the EU.

Santander will let you keep certain UK bank accounts if you move abroad. However, it won’t let you open any new ones, as applications are restricted to UK residents only. And living abroad could limit your options for getting credit.²

Do you need to tell your bank you’re moving abroad?

Yes, it is a good idea to tell your bank that you’re moving. If you don’t, you could find that access to services like online banking is restricted once you’ve moved abroad. The bank could also freeze or close your account. You don’t want to risk cutting off access to your money.

Besides, telling your bank that you’re moving abroad could open up doors to new banking services. For example, the bank could recommend switching you to one of its international offshore accounts - we’ll look at this in more detail shortly.

Do you need to update your address with your UK bank?

Yes, you should provide your UK bank with your new address. It may trigger the closure of your account, but it will ensure that you receive all relevant documentation sent through the post.

And if you’re keeping the account open, it means that your statements and other key documents will be directed to the right address.

Which UK banks offer offshore bank accounts?

If your bank doesn’t let you keep your UK account once you move overseas, you’ll need to explore alternative options. An offshore bank account for UK expats could be a good solution, especially if your current bank offers one. You can get in touch to discuss making the switch over to an international account.

Let’s run through a few UK banks which offer offshore accounts.

HSBC

It’s not clear whether you can keep your HSBC UK bank account when you move, but it’s likely that you’ll be encouraged to open an international account instead.

HSBC has an Expat Global Money Account that is specially designed for people moving abroad. You can set it up in either USD, EUR or GBP. Once it’s open, you’ll have access to all kinds of useful features to help you manage your finances overseas. This includes savings accounts, investments, mortgages and a relationship manager.³

Barclays

You can’t keep your Barclays UK bank account when you move¹, so it’ll be closed automatically. But there are alternatives available. There’s the Barclays International bank account, which you can apply for in 70 countries worldwide. It’s available in EUR, USD or GBP, but you’ll need a minimum of £100,000 in savings or investments to qualify.⁴

Lloyds Bank

It may be possible to keep your Lloyds UK Bank Account in your new country, but you’ll need to check with the bank. Alternatively, there’s the Lloyds International Current Account which comes in either EUR, USD or GBP. It has a monthly fee of £7.50 and you’ll need a gross annual income of £50,000 to qualify.⁵

NatWest

You might not be able to keep your NatWest UK bank account when you move abroad, as it’s a UK-focused bank. But it does offer international banking services, including a Cash Management Account available in multiple currencies. To qualify, you’ll need to be resident in one of the bank’s listed countries and have a minimum deposit of £25,000.⁶

Santander

Lastly, can you keep your Santander UK bank account? There’s good news here, as the Spanish-owned bank will let you continue to use your account as normal. But if you’re looking for an international solution, Santander does offer Expat Bank Accounts too.

What are the alternatives to a UK bank account when moving abroad?

The most obvious solution if you’re not able to keep your UK bank account is to open a new local bank account in your new country. Depending on where you’re moving to, you might find it useful to read our handy guides on how to do it in Spain, Germany and Belgium.

But these days, there are also a number of alternatives to a bank account to help you manage your money in another country.

Digital banks and money services providers like Wise, Revolut and N26 are a popular choice, as they’re set up to work internationally and let you do everything using just your smartphone. They also tend to offer travel-friendly debit cards.

Wise – Money for here, there and everywhere

If you want a truly international account that works pretty much anywhere, check out Wise. Wise is a money services provider, offering a multi-currency account, international money transfer services and a debit card.

Open a Wise account online and you can manage your money in multiple major currencies, including GBP, EUR, USD and many more. When sending money internationally or converting currency, you’ll only pay a low, transparent fee while also getting the mid-market exchange rate every time.

And, you can spend just like a local in multiple countries worldwide with your Wise card. It automatically converts currency whenever you spend, so there’s no need to change money or carry cash around with you.

Sign up with Wise today 🚀

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

And that’s it - the lowdown on whether or not you can keep your UK bank account while living in another country.

Unfortunately, there’s no one definitive answer to this, as it all depends on who you bank with. But it’s good to know that alternatives are available for managing your money overseas.

Sources used:

Sources last checked on date: 15-Sep-2023