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Brexit and payments to and from the UK

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Update: On 7 March 2019, the Board of the European Payments Council (EPC) decided that banks and payment institutions—Payment Service Providers—in the United Kingdom may continue to participate in the EPC SEPA schemes after 29 March 2019 in the event of a no-deal Brexit. For more information, visit the European Payments Council website .

Two separate puzzle pieces with the British and EU flag represent the separation between the United Kingdom and the European Union.

For the latest news on the consequences of Brexit for your own banking and payments, visit the Dutch Banking Association’s BankenBrexit website (in Dutch) .

Brexit is highly unlikely to have much impact on payments to and from the United Kingdom for Dutch consumers, even in the event of a hard Brexit. However, businesses that use a UK payment service provider may be affected.

Little will change for consumers. Travellers to the UK will still be able to make payments and withdraw cash in the same way as they do now. Different and stricter rules will apply to carrying cash to and from the UK than to carrying cash within the EU. Dutch Customs (in Dutch) and the Dutch Tax and Customs Administration (in Dutch) can provide more information.

Dutch businesses should check whether their payment service provider is established in the UK and provides payment services under a British licence. Following a hard Brexit, that British licence may no longer be valid within the EU. In that case, the business will need to find another payment service provider within the EU.

Online dossier

The Dutch Banking Association (in Dutch) has published an online dossier for businesses and consumers containing extensive information and advice about the consequences of the approaching Brexit for banking. The Dutch Payments Association supplied information for the dossier about payments in the UK and between the Netherlands and the UK.

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