Q&A Corner – Why was my UK bank account closed after Brexit, and can I still open one without a UK address?

Q: Why was my UK bank account closed after Brexit, and can I still open one without a UK address?

A: Post-Brexit, many UK banks closed accounts for non-UK residents after losing EU passporting rights. Having to meet each individual EU country’s rules led to a cessation in services as they need a UK address. Accounts linked to EU addresses may have been closed automatically to comply with FATCA/CRS regulations, for which they will verify tax residency.

UK account options do still exist:  

• Online-only. Some UK-based banks offer GBP accounts to non-residents.
• Multi-currency and EMI. Services like Wise and Revolut offer UK IBANs and sort codes, but some have limitations on deposits and withdrawals.
• UK address usage. Some banks may allow UK correspondence via a family or business address.