British expats in Spain are currently scrambling to change their addresses from their UK addresses to their Spanish addresses as they use the digital bank N26.
The digital banking company N26 based in Germany has become very popular with expats in Spain as it’s very easy to use and transfer funds, but the bank itself has decided to pull out of the UK market after the Brexit decision and is closing 200,000 accounts registered to British users.
Many expats in Spain have UK banking registered addresses as well as Spanish addresses and now they are scrambling to change the addresses before the closure of the UK accounts.
N26 only launched into the UK 18 months ago, and only until recently was publishing blog articles stating they would continue to operate in the UK after Brexit, but now those articles have been removed and announcing instead their withdrawal from the UK market.
Ian Ibbotson from Fuengirola told the Euro Weekly News: ” It’s crazy, the announcement came out the blue, the travesty is that it’s such a great banking service and an easy way to bank and transfer money, I and many of my friends are currently changing our addresses in an attempt to save our accounts”.
“One friend asked N26 if this was ok and was told yes, whilst another said they did the same and was told no and that a new account would have to be applied for, it’s very confusing”.