Barclays Bank has asked all expatriates with less than £100,000 deposit to close their accounts. This information was contained in a letter dated June 12, 2017.
“The new minimum level will now be £100,000. Top up your savings and investments to £100,000 or more before 1 August 2017, to continue with the service, or close your account and transfer your monies to another provider without charge,” the letter read.
“We understand that you may be disappointed by this and we will aim to offer you as much assistance as possible during this transition period.”
As far back as 2013, the bank announced that it would focus on 70 countries globally and customers in those that are not considered as core as others.
In recent times, high-security measures have made it more difficult for foreigners to open accounts with high street banks in the UK.
Revelations made in the Panama Papers leak, which showed how Panamanian law firm, Mossack Fonseca, helped clients evade tax through the use of offshore accounts and various cases of money laundering have also contributed to this.
The bank did not disclose how many people will be affected by the new regulation.
