Innovation

Brexit could see EU bank transfers and ATM withdrawals increase

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December 29, 2020

The U.K.'s financial regulator, the Financial Conduct Authority, is warning customers that with just days to go until the end of the Brexit transition period the cost of EU bank transfers and ATM withdrawals could significantly increase, according to a report in YahooFinance.

U.K. customers will still be able to make payments and cash withdrawals in the European Economic Area after Dec. 31, but the FCA warns that these transactions could be significantly more expensive and could take physically longer than prior to the end of the transition.

The FCA has stated in the report that they expect that firms have already anticipated how the changes will impact business as well as its customers and expect "They have taken action so they are ready for the end of the transition period."