What to do if your UK bank is closing your expat bank account after Brexit

Today, the Bank of England and the FCA wrote to banks to tell them they must have plans in place to service their Europe-based customers properly through the process.

This means considering how their behaviour might impact on the customer's individual circumstances, taking into account the alternative products available to them.

Not all banks are closing accounts, but big ones like Barclays have had to "ringfence" their retail banking arms from their investment banks under rules brought in after the financial crisis. This means they can only offer accounts to people with UK residences.

So, if you're an expat living on the continent and you have a UK bank account, what should you do?

1) Don't panic. There have been sensationalist headlines in the expat press about the issue but it is important to stay calm. "If your finances will be affected you must act swiftly, but not impetuously," warns John Westwood, managing director at Blacktower Financial Management. Give yourself time to work out what your options are.

2) Check the facts carefully first. Whether or not you have had a warning letter from your bank, talk to them now and find out what they plan to do on Brexit day. If you have a UK address still, your account may not be closed.

3) Check your specific accounts. You may find the types of savings products you hold are still permitted in your country. Your bank should be able to advise you on this.

4) Think about opening a bank account in your country of residence, if you haven't already. You only need put a small amount of cash in an international account and you have a good back-up plan in place. It may take a while for your new bank to get you up and running, so start looking into it. Be warned; you may need a visa or work permit to open one, and there may be problems if you earn money in the UK.

5) Check your pension situation. Many expats have their pensions paid into a UK account so they can transfer it to their local bank when the exchange rates are favourable. You may be able just to open a UK account with another bank (HSBC says it will consider applications). Alternatively, you could look into using money transfer services such as Revolut or Transferwise which can hold the sterling currency for you and move it to your local account as and when you request it. Check with your pension provider to see if this option is possible.

6) Buy to let landlords with UK property may find the Revolut or Transferwise option works best for their rental income, too

7) Seek advice: an independent financial adviser will cost you money, but if your bank is about to fundamentally change your financial situation, it could be worth spending a bit to get yourself set up for the brave new, post-Brexit world.