Showing posts with the label Expat News

Barclays close accounts in Cyprus under £100,000 affecting thousands of British expats

Thousands of British expats and other Barclays account holders in Cyprus will see their accounts closed by the bank in September unless they contain a minimum deposit of £100,000.

Customers residing in Cyprus have slammed the bank for the move which has left many scrambling to book flights back to the UK to try to sort out the mess.

The bank is introducing a new minimum threshold for clients in Cyprus of £100,000, with effect from 11 September 2015.

Barclays have confirmed to the Cyprus Mail, that as well as customers in Cyprus, those in Malta have also been contacted, and those in Greece are also on the list.

Expats will find it difficult to open another UK-based current account, especially if they don’t have a UK address, as banks will ask for proof of address, such as a recent utility bill.

Many retirees living in Cyprus are loyal Barclays customers, banking with them for decades. Some have their pensions paid into their UK account on a monthly basis. They have now been given noti…