Brexit FAQs

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Brexit FAQs

What the UK leaving the EU means for business
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Icon expand What this means for your business?

Our aim is to continue to provide you with the same level of service and range of products.

Should anything need to change in relation to your banking services, we'll let you know and ensure you have plenty of notice. 

We’re committed to helping you and your business succeed. With our experience, we’ll continue to support you with the opportunities and challenges that the UK leaving the EU could potentially bring to your business.

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Icon expand How we prepared for the UK leaving the EU

As our business is largely UK-focused, the direct impact on Ulster Bank is not as significant as it is for many other banks.

We’ve already made changes to the way we’re organised to ensure we can continue to serve our customers from 1 January 2021.

We’ve been operating our banking entity in the Netherlands, NatWest Markets N.V. since 25 March 2019. We’re serving some of our non-UK EEA customers and have transferred some of our Western European Corporate Coverage business into NatWest Markets N.V.

We’ve established our NatWest Bank Branch in Frankfurt, which allows us continued access to the Financial Markets infrastructure in Germany to support Euro Payments and Euro Liquidity via the Bundesbank.

Our Ulster Bank Ireland DAC business will continue to provide services for our customers that live, invest and do business in the Republic of Ireland.

We’ve been involved in consultations with key UK and EU bodies. We’re continuing to work with relevant governments, UK and EU regulators and trade organisations to understand what the future UK-EU relationship means for the Financial Services sector.

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Icon expand What is the transition period?

The Withdrawal Agreement included a transition period until 31 December 2020. It allowed the UK to continue to participate in the European Single Market and meant that UK banks would continue to have access to the European Single Market using Financial Services Passporting rights.

Passporting
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Icon expand What is passporting?

Passporting (also known as Financial Services Passporting) allows us as a bank to sell our financial services in the EU. It also means that some of the foreign banks who have offices here in the UK can sell their financial services into EU countries and in the UK.

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Icon expand How will the Bank operate if EU passporting is removed?

We are a UK focused bank, so for the vast majority of customers, our services and products will remain the same.

To prepare for the possible loss of EU passporting we’re using our banking entity in the Netherlands, NatWest Markets N.V. As the Netherlands is a member of the EU, we’re able to use EU passporting rights for NatWest Markets N.V. to serve EEA customers. NatWest Markets N.V. also provides continuity of service to some of our non-UK EEA customers. Some of our Western European Corporate Coverage business and operations have moved to NatWest Markets N.V.

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Icon expand Why does passporting need to be removed when we leave the EU?

Passporting is intrinsic to the Single Market and will not be available to the UK from 1 January 2021.

Banking in the EU
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Icon expand Can I still make and receive payments from EU countries?

Yes. There should be no change to how you make and receive payments to EU countries. And, of course, you can continue to access your bank account through the mobile app to conduct your everyday banking needs.

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Icon expand Will I still be able to use ATMs in EU countries?

Yes. It will still be easy to use your bank card in ATMs across Europe, in much the same way as you can use it today when you go on holiday to non-EU countries, such as America or Australia. And, of course, you can continue to access your bank account through the mobile app to conduct your everyday banking needs.

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Icon expand Is my money safe?

Yes. Your money will continue to be protected by the Financial Services Compensation Scheme. More information is available at https://www.fscs.org.uk/check-your-money-is-protected/

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Icon expand Would a UK citizen living in the EU lose access to their banking in the UK?

For our EEA-resident customers, our aim is to continue to provide you with the same service as we do today, where we are permitted to do so. Should anything need to change, we'll let you know and ensure you have as much notice as possible.

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Icon expand Will there be any changes to my ability to make payments in Euros from the UK?

Access to Euro payment capability for our customers will remain.

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Icon expand Will I still be able to access my Anytime Banking and Bankline services when I am in the EU?

Yes. You will be able to log on as normal using your desktop or mobile app.

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Icon expand Are there any changes to the way the bank uses my personal data?

The bank will continue to process your personal data in accordance with our privacy policy.

Beware of fraudsters

Criminals are taking advantage of the potential confusion around the UK leaving the EU to defraud businesses.

These criminals are posing as HMRC to get businesses to part with their money.

  • If you’re a UK based business, they’ll claim you need to register for a ‘UK trader number’ if you trade with EU countries. 
  • If you’re an EU national living in the UK, they may claim you owe additional tax.

Remember that HMRC will never ask you for payment or personal details by email or text. If in doubt, call HMRC on a trusted telephone number.

We’ll never contact you out of the blue to ask for your personal information or ask you to move money to a safe account. 

  Learn about the support that may be available to you

Visit our Brexit page to find further guidance and support.

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