Consequences of Brexit for retail clients
The consequences of Brexit for retail clients based in Luxembourg depends on the outcome of Parliamentary discussion in the UK and on the final vote in UK Parliament, i.e. if the deal negotiated between the UK and the European Union (EU) will finally be accepted or not.
The measures in this area are different from one bank to another, depending on their specific services. We advise you to check this with your bank.
Banks are taking the necessary measures to keep payment transaction in Euro continue as usual. This is particularly relevant for wire-transfers, direct debits and payments with debit cards, as well as payments in British Pounds or other non-Euro currencies.
Frequently Asked Questions
Payments and bank transfers
- Do I need to activate my bank card for “outside Europe” when I go to the UK to be able to debit?
- Will be using of bank cards in the United Kingdom more unsafe?
- Do I still have to use an IBAN if I transfer money to the UK?
- Will I be able to withdraw money from the ATM in the UK with my card issued by a Luxembourg bank?
- Does the extra money have to be paid in the UK after the Brexit?
You and your bank
- What does a ‘no-deal’ Brexit mean for me as a private account holder of a bank in Luxembourg?
- Can my bank exchange my client data with the UK after a ‘no-deal’ Brexit?
- Information issued by the Luxembourgish Government
- Law relating to the measures for the financial sector (available in FR only)
Gilles WALERS, Legal Adviser – firstname.lastname@example.org – Tel. +352 46 36 60-1