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Bank regulations

Comment 26th August 2010

There are many expats who are retired, and live off their pension and interest off their savings.

Current interest rates are very low, and money experts say shop around.

However not being resident in the UK stops us from even changing savings accounts

within our existing UK banks.

Changing the regulations to allow existing customers to change accounts would ease

lots of expats income problems.

Why does this matter?

Existing exchange rates has made life very difficult for most expats.

Most retired expats have their pension paid into their UK bank, and have their savings in

a UK bank. The banks are happy to take the money, but don't want to let you get any return,

claiming that the regulations stop them because we reside in another country.

Hence a lot of expats have had to return to the UK, and this could well increase the burden

on Social Security

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