wellington said:
UK, EU, US etc are pushing the compliance costs up (as mentioned above) thus customers not living in region are being de-banked, even in his position he will be forced to eventually move his funds (my point) based on his discussions.
Being a 'strong stock holder' has saved his account from being de-banked so far, whereas customers of said bank have already been de-banked.
But his last conversation was met with 'can only hold off so long'.
UK, EU, US directive... how/what is only slowly leaking through in the media and conversations with bankers, + the compliance software - computer sais no.
Move back to Europe no issues.
FYI 3m Brits have been de-banked since Brexit (across the Eurozone), 1.2m Brits have been de-banked since these new changes (across the UK).
It's not a case of doing something wrong, it's a case that the compliance costs of servicing clients outweighs the benefits of holding them as customers.
It doesn't matter if they have 100 quid or 5m quid -> the banks can't look into the source of wealth because its overseas outside of information sharing, ergo, you could claim it came from a sale of an asset there's no checks and balances like in the West so they can't verify that and documents can be manipulated at the time or post, there's just no way to verify.
So they de-bank.
To your question...
If you are not living in the UK there should be no issues moving funds from Wise to Dubai, if there's a purpose behind the transaction etc... i.e you have your circle of life outside of the UK, have connections to Dubai.. etc.
Click to expand...
