The UK formally left the EU on 31 January 2020, and is now in the 11-month ‘transition period’ until 31 December 2020. During this period, the UK must secure a new trade agreement and other aspects of the UK-EU relationship.
Although the UK is no longer an EU member, the trading relationship remains the same during the transition period, and it will continue to follow the EU's rules. As such, it’s very much business as usual for us and our customers.
We will continue to closely monitor developments throughout the trade negotiations - as we have done over the last few years - to ensure we are prepared for all potential outcomes.
EU residents with UK bank accounts
There has been a lot of UK press coverage relating to Britons living in the EU who may have their UK bank accounts closed by the end of the year if the UK government fails to agree a post-Brexit trade deal.
The situation is evolving and we are looking at the solutions we can provide so we can continue to provide payments to our customers, if this happens. Where possible, banks want to keep providing banking services to customers living in the EEA after the transition period. The impact will vary depending on the operating model of their bank or provider, the product or service being provided, and the legal and regulatory framework in the country in which you are resident. Anyone resident within the EEA should be contacted by their bank to inform them of any changes to the services they receive and any actions they need to take.