Interest delays vs Brexit

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10 Feb 2019 10:37 by joandjez Star rating. 47 posts Send private message


Does anyone happen to know if the banks are delaying interest payments until after Brexit? Court stuff was all done and dusted in April 2018 and still waiting for payment of my interest awarded.  Been told by solicitor that the payment would take 6-12 months, then 9-12 months. Just getting a tad nervous that for whatever reason that payment timescale might slip until after Brexit and then what?  Would it have any implications?

Thoughts welcome.

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10 Feb 2019 12:38 by Mickyfinn Star rating. 1496 posts Send private message

Everything Brexit related is entirely possible at the moment. Unless there is a political settlement soon everything so far agreed falls down. I have taken contingency solutions for financial services. I suggest you try and do likewise. It’s entirely possible the banking transfer system from the UK will be blocked in the Eurozone in the event of a UK cliff edge exit.

I did receive a letter from my UK based EU bank this week telling me they have reached agreements with the ECB for future financial transaction which will continue as normal EVEN in a no deal scenario. So there is hope. 

Spanish banks are notoriously slow but usually deliver in the end if the law forces the issue. I shouldn’t worry.

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10 Feb 2019 14:43 by Kavanagh Star rating in Oil Drum Lane Newcas.... 369 posts Send private message

Kavanagh´s avatar

BREXIT is likely to be the most used false excuse for everything for many years to come. Normal life does exist outside the EU. You can carry out money transfers worldwide. Don’t be conned by Del Boy spiel.


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10 Feb 2019 16:17 by Mickyfinn Star rating. 1496 posts Send private message

The EU has a banking system named SEPA. It's aim is to improve the efficiency of cross-border payments and turn the fragmented national markets for euro payments into a single domestic one. SEPA  enables customers to make cashless euro payments to any account located anywhere in the area, using a single bank accountt and a single set of payment instruments without charge.

People who have a bank account in a Eurozone country, are able to use it to receive salaries and make payments all over the eurozone, for example when they take a job in a new country. I use SEPA all the time and it's brilliant transfers are credited the same day.

The UK currently because of it's EU  membership has passporting rights to access SEPA. Post Brexit those rights cease unless there is a deal.

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11 Feb 2019 15:27 by ads Star rating. 3458 posts Send private message

Will currency exchange companies such as Moneycorp be affected by this and if so how?

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11 Feb 2019 16:42 by Jarvi Star rating in Halifax UK. 535 posts Send private message

Don't worry about all the project fear parts eighty thousand and ten. This is taken from a well known currency exchange company. I have removed the name in accordance with forum rules re advertising - "You can keep using ********, including your borderless account, regardless of the Brexit outcome. Any money already in your balances will be safe and accessible. We’ve already taken the steps needed to keep ******** running when the UK leaves the EUーno matter the outcome of negotiations. Soon, we’ll have an additional licence in Belgium, too. So regardless of the outcome of Brexit, you’ll be able access your borderless account, send, spend, and receive money". All the other currencies exchanges will have done something to avert any problems.

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11 Feb 2019 17:26 by Mickyfinn Star rating. 1496 posts Send private message

The actual reality will be that Britain will not be participating after Brexit in SEPA. Of course money transfers will continue but if you recall before SEPA and passporting rights money transfer to Europe was an expensive slower business. I expect it will cost more for Brits either by a lower rate exchange offered or visible fees upfront.


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11 Feb 2019 18:06 by Jarvi Star rating in Halifax UK. 535 posts Send private message

No it won't. Leave project fear to the media...

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11 Feb 2019 22:55 by mariedav Star rating in Ciudad Quesada. 854 posts Send private message

Just a  little snippet from the Treasury on SEPA after Brexit:

. As the geographical scope of SEPA already extends beyond the EU and EEA, including several third countries and territories, the option remains that the UK continues in the scope of the SEPA schemes, provided it fulfils the eligibility criteria.  

Much as I think Brexit is a stupid idea and the UK will suffer a large economic earthquake, the Project Fear reports are getting a bit silly. 

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12 Feb 2019 08:07 by Mickyfinn Star rating. 1496 posts Send private message

I did write in my post reply that the UK would exit SEPA in the event of a no deal exit. Most of the dire economic predictions relate to leaving without a deal. By any common sense standard that will be hugely damaging for the UK and the EU 27 countries to a lesser extent.

I don't believe the UK parliament will allow that to happen but unless something positive takes place soon the default process is just that.

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