UK-based banks have been closing bank accounts of UK expats in Europe since early 2021, so expats are facing rising costs of transferring their money to European bank accounts.
Some clients of banks and building societies like Barclays, Lloyds and Nationwide Building Society who live in European Union (EU) countries have found that their bank accounts have been closed since the UK left the EU on January 1, 2021. Therefore, these customers have to transfer their money to European bank accounts. However, some customers have found that the fees for transferring funds from a UK based bank to a European one have also increased.
A way for UK expats to pay higher transfer fees when they send their money abroad does it through an international money transfer service. These usually charge a lower fee for sending money from a UK bank account to a European account and provide a safe and reliable service. To learn more about using international money transfer services, read our guide below how to find the best international money transfer service.