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The bank’s decision follows a review of its international offerings that began in 2021. Barclays is now sending out notifications to customers, providing them with a six-month warning before the closure of their accounts.
Despite this, wealthy expats have an alternative solution provided by the bank. They can open a global account with Barclays. However, to avoid a monthly charge of £40, they need to maintain a balance of £100,000 in the account.
A Barclays spokesman stated that UK products are designed for customers living in Britain. The Financial Conduct Authority (FCA), the city regulator, said it was a commercial decision as banks are allowed to set their own rules on which customers they accept.
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