Dossier Brexit

The United Kingdom (UK) wants to leave the European Union (EU) in the near future. Can we still use our debit cards to pay in shops on a city trip to London? Can we still transfer money to friends or firms in the UK?


Brexit

Consumers - Most frequently asked questions

Can I still use my debit card in the UK after Brexit?

  • Yes, this will remain unchanged. Measures have been taken to ensure that you can still use your debit card to pay for your purchases, even in the event of no deal.
  • Similarly, you can still withdraw pounds sterling from ATMs in the UK.
  • If you are a retailer in the Netherlands UK customers with UK debit or credit cards can still pay for their purchases using your POS terminal and withdraw money from ATMs in the Netherlands.

Will I pay a higher charge when I withdraw cash from an ATM in the UK?
That depends on your bank. Please contact your bank to find out more.

Can I still transfer money to and receive money from the UK?
Yes, this will remain unchanged, even after a no-deal Brexit. The banks have taken measures to ensure that payments in euro will not be interrupted. This applies to funds transfers, direct debits, and debit and credit card payments. Payments in pound sterling will also continue uninterrupted. A no-deal Brexit may, however, affect the speed of a euro funds transfer to or from the UK, as well as the charge you pay.

Can I still travel to the UK with unlimited cash amounts?
Please consult the Dutch-language website page on this subject provided by the Dutch Tax and Customs Administration.

I live in the Netherlands and have an account at a bank from the UK operating in the Netherlands. In the event of Brexit, will my money still be protected by a deposit guarantee scheme (DGS)?
Yes, your money at a UK bank will still be protected. The UK deposit guarantee scheme currently protects your deposits up to GBP 85,000. Brexit may change this, but banks and administrators of deposit guarantee schemes ensure that your money will be protected even in the event of a no-deal Brexit. You do not have to take any further action. The DGS that will protect your deposits post-Brexit depends on your specific situation. For further information please contact your bank. If you would like more information about the DGS, you can also contact De Nederlandsche Bank.

I live in the United Kingdom and I have an account at a bank from the Netherlands operating in the UK. In the event of Brexit, will my money still be protected by a deposit guarantee scheme (DGS)?
Yes, your money will still be protected. The Dutch deposit guarantee scheme currently protects your deposits up to EUR 100,000. Brexit may change this, but banks and administrators of deposit guarantee schemes ensure that your money will be protected even in the event of a no-deal Brexit. You do not have to take any further action. The DGS that will protect your deposits post-Brexit depends on your specific situation. For further information please contact your bank. If you would like more information about the DGS, you can also contact De Nederlandsche Bank.

Financial institutions - Most frequently asked questions

What does the postponement to Brexit mean for financial institutions under DNB supervision?
On 10 April 2019, the European Council decided to extend the Brexit deadline to 31 October 2019 at the latest. The transitional period until the end of 2020 that the EU and the United Kingdom agreed on earlier, and that enters into effect following the ratification of the agreement, has not been changed.

The extension grants the United Kingdom more time to reach a withdrawal agreement with the European Union. This means the risk of a no-deal Brexit is postponed rather than eliminated. Banks must continue to take this into account in their remaining Brexit preparations. Moreover, several laws and regulations announced by the European Commission and the Dutch Ministry of Finance in the event of a no-deal Brexit will be of a temporary nature, just like the transitional period in the event of a deal. Where necessary, banks must continue to implement measures anticipating the expiration of temporary laws and regulations.

What does the postponement of Brexit mean for UK financial institutions operating in the Netherlands?
On 10 April 2019, the European Council decided to extend the Brexit deadline to 31 October 2019 at the latest. The extension grants the United Kingdom more time to reach a withdrawal agreement with the European Union. This means the risk of a no-deal Brexit is postponed rather than eliminated.

In the event of a no-deal Brexit, UK financial institutions will no longer have EU passporting rights to provide financial services in the Netherlands. If UK institutions wish to continue to serve Dutch customers post-Brexit it is therefore important they take timely preparatory measures, if they have not done so already. This could for example include submitting an application for a licence to operate in the Netherlands or another EU Member State. For further information about licence applications at DNB see http://www.toezicht.dnb.nl/en/2/51-227456.jsp

General - Most frequently asked questions

What is DNB's role in Brexit?
We are making various preparations for Brexit. Firstly, we are discussing licence applications with UK financial institutions wishing to continue operating in the Netherlands and the EU post-Brexit. At European level we are also working with other supervisory authorities – through for example the SSM – to set out minimum requirements and expectations for financial institutions that wish to relocate to the EU post-Brexit.

We are also responsible for financial stability and a reliable and efficient payment system. In this capacity we analyse the risks of no deal Brexit and advise for example the Ministry of Finance about legislative and regulatory amendments in preparation for a (no-deal) Brexit. The risks Brexit poses to financial stability have also been discussed several times in the Financial Stability Committee (FSC), see for example here . In addition, we monitor that institutions under our supervision and oversight are making the required preparations for Brexit (see for example here). Finally DNB itself is making necessary preparations related to contracts that DNB entered into with UK counterparties in the context of our own trading operations.

How many licence applications did DNB receive as a result of Brexit?
Due to Brexit, financial institutions are looking to relocate to the Netherlands to retain access to the European market. This concerns about 15 payment institutions and electronic money institutions, and 5 institutions from other sectors. Several of these licence applications have meanwhile been fully processed. In addition, the Dutch Authority for the Financial Markets has received a considerable number of licence applications from investment firms wishing to relocate to the Netherlands, which are subject to the prudential supervision of De Nederlandsche Bank. A substantial number of these licence applications have been fully processed.