Today I received an email from Revolut which is normal as their marketing is pretty solid with different offers and deals via promotions non stop. This message did catch my attention as Revolut is not just an online bank in the UK, but a bricks and mortar business with branches about to roll out.
This is the exact opposite of what the established name banks are doing reducing the number of branches and the services they offer their current customers. I can recall not so long ago to see an advisor I had to make an appointment and do not offer a walk in service anymore. I do not like what is happening because if I need assistance or advice then I want to speak to another human and not a screen or AI equivalent.
My old UK bank being the HSBC I was a customer for over 30 years and they closed the account due to being an ex pat living abroad. I know Barclays had done exactly that closing ex pat accounts so we knew it was a thing and forced on the institutions by UK regulators.
The email I received today stated that now they have a full UK banking license that are now able to offer far more services which will include a full UK bank account. There is no major change as my online Revolut account is UK registered and now I will have a UK bank account as part of the package.
Maybe I have learned my lesson by not being 100% truthful and more like 90% as I am using my brothers address as a residence address. I am paid a salary in the UK and pay taxes in the UK so I am not a full on ex pat and still active in the UK.
The days of stressing not having an offshore account outside of South Africa have long evaporated as I have a few choices. The online Revolut bank account has helped me out so much and there is the Dubai bank account which I was denied back in October last year. SA being black listed/ grey listed for having a bad name financially was the reason for the rejection unless I had $500K to open an account. This was negotiated down to $16k which I thought I had done well with that part.
Since October things have changed and SA is no longer in the bad boys book and opening a Dubai bank account will no longer require large deposits. I will be returning because of the privacy regulations Dubai banking has and is what I am after. This is part of my crypto off ramp with another part of the strategy already in place in Dubai and as much as I would like it active as soon as possible I will wait until the region quietens down before returning. The plan was to have this account open this year and this will happen and the lady I am dealing with directly from the bank is aware of this.
I find life so strange with doors closing and other doors opening and it leaves you wondering why the first doors even closed. Thinking about it still baffles me that you can be with a bank for 30 years and then you are treated so badly. I am a firm believer that things do happen for a reason and you just move on with life.
