Investment in cryptocurrency is getting the attention of major players, and with Barclays announcing the closure of UK accounts for British expats, the impact of this unfolding financial trend is becoming more apparent. With digital assets gaining more legitimacy in the global markets, investors have to take note of the major developments coming from the world’s financial institutions. Read on to find out what Barclays’ announcement means and how it may affect your investments.
1. Barclays Closes Expat Accounts in United Kingdom
Barclays announced at an impromptu press conference that they will be closing existing expat accounts in the United Kingdom. This is expected to have a large impact on those who are currently living and working abroad. The news came as a shock to many who had invested significant amounts of time and resources into their accounts.
The decision has left customers concerned as they rely on their accounts for day-to-day financial tasks. Individuals overseas will have limited options as they struggle to find a new bank that suits their needs. Changes such as these are always difficult, and customers feel the strain of having to quickly find a viable replacement. Some key factors to consider when shopping around for a new banking partner include:
- Rates:Compare different banks’ rates to find the most cost-effective one.
- Services:Check to see what services they offer and if it fits your needs.
- Fees:Choose an institution to avoid or limit transaction fees.
The long-term effects of the account closure in the United Kingdom remain to be seen. Many customers are left in wonder, unsure of where to start. Those looking for an international bank account may be in a more complicated position than before.
2. Cryptocurrency Investors Impacted by Move
A Turning Point for Crypto Investors
Cryptocurrency investors got a big wakeup call when the world’s largest cryptocurrency, Bitcoin, experienced one of its most volatile market plunges in its history. Cryptocurrency investors have been on a shaky roller-coaster ride ever since. This came as a surprise as the currency had been rising steadily for the past few days, leading many investors to believe it was on its way to an all-time high.
The plummet was detrimental to crypto holders, as their portfolios suddenly lost a substantial amount of value. After this move, investors’ comfort levels with cryptocurrencies have dropped significantly. They are now more aware of the risks associated with the market, and have adopted an overall more cautious approach to investing in the space.
To mitigate losses and ameliorate the effects of this sharp downturn, crypto holders have increasingly turned to:
- Hedging their investment in the form of more conservative currencies
- Seeking out cryptocurrency savings products and diversifying their investments
- Rebalancing their portfolios by investing in other emerging blockchain technologies and digital assets
This dramatic dip in the market has made crypto investors more savvy, and taught them to be better prepared for future volatility. This has led to a more cautious approach to investment, as investors now understand the importance of diversifying their portfolios and of understanding the trends of the cryptocurrency market.
3. Signs of Wider Crypto Adoption in England?
Retail Adoption
England is seeing a steady growth in retail crypto adoption. According to recent surveys, more young adults and Millennials are investing in cryptocurrency. In addition, their interest goes beyond just investment. They are also using cryptocurrency for everyday purchases in stores. This is made possible by local banks and financial institutions that now accept crypto payments. This is evidence that everyday citizens are becoming more open to utilizing digital currencies in their daily lives.
Governmental Support
The government has also shown its support for wider adoption of cryptocurrency in England. The British blockchain industry is now fully embraced by the government as a means to fund fintech development and innovation. The British government has also made numerous regulatory concessions that have allowed for the industry to expand. With the support of the government behind it, it is evident that more citizens are feeling comfortable using cryptocurrency for their transactions.
4. How to Move Money Offshore and Save on Fees
Moving money to a bank account offshore can often be a good way to save money in fees. However, doing so is not always straightforward and there are plenty of legal considerations to keep in mind.
- Research: Before taking anything further, you should carry out extensive research. Look for offshore banking accounts that are within your budget and read customer testimonials to ensure you’re getting the best deal.
- Know The Laws: Before you deposit money, make sure that you’re aware of the laws in the jurisdictions you are considering moving money to.
- Set Up An Account: Depending on the country, setting an offshore bank account may take some time. You will also have to provide proof that you are who you say you are, as well as provide your tax information and banking details.
Once you’ve opened your offshore account, you can then arrange for a transfer to the country of your choice. Banks typically charge different transfer fees, so it’s important to check each bank’s fee policy to make sure you are making an informed choice. You should also budget extra time for the international transfer to clear.
5. What’s Next for British Expats?
As a British expat, there are still plenty of opportunities to face and explore! With the post-Brexit realities of living, working, and travelling, the potential for a positive or progressive outcome is still very much alive.
- Ease of Travel: In the post-Brexit environment, with the appropriate travel insurance, expats are now able to travel with an American passport, just as they did before. This offers the chance to explore new places, cultures, and experiences.
- Accessibility of Resources: With the legal transition towards Brexit, it has become possible to access resources that were previously unavailable or difficult to access. This includes banking, health care, and access to the internet.
Though living overseas as a British expat can present challenges, the potential to build for oneself a life abroad is still very much possible. There are ways to ease the stress of relocating or developing businesses in other countries, and plenty of resources available to make the journey more hassle-free and enjoyable. Immersing oneself in another culture and experiencing different perspectives can open up new career and personal opportunities, and being a part of the expat movement can be incredibly rewarding and fulfilling.
For British expats who were looking forward to investing in crypto with Barclays, the news of its closure of UK accounts has been an unexpected setback. Nevertheless, with continued law changes and advancements in the crypto market, there are still tons of opportunities available to explore for investors who are on the hunt for the right platform.
