Your key questions answered
We’ve provided answers to some key questions you may have about the impact of Brexit on your finances.
Yes, your savings and current account balances with us will continue to be covered in the same way. To find out more, visit the FSCS protection checker.
Most of your day-to-day finances should remain the same as they were before the end of the transition period. However, this could change over time so we’ll keep you updated with events to help you prepare in advance.
Remember that if you’re a sole trader or business owner and trade with suppliers or customers in the EU, there will be a range of implications for you to consider. Read our guide for more information.
Banks will now have to provide some additional information when making certain payments between the UK and EEA, including the name and address of the payer and the name of the payee.
However, any payments are unlikely to be affected and your ability to pay for services like hotel rooms or goods bought online from companies based in the EU hasn’t changed.
If you travel outside your home country to another EU country (plus Iceland, Liechtenstein and Norway), you don't currently have to pay any additional charges to use your mobile phone.
This rule has reduced the cost of making calls, texts and using internet data since being introduced in June 2017. However, since the end of the transition period, this guarantee has ended.
Mobile network providers could decide to introduce roaming charges in the future. In the meantime, the UK government has introduced legislation to cap the cost of mobile data usage abroad at £45 per monthly billing period. This means you cannot continue to use mobile data when roaming unless you make an active choice to continue spending.
If you have a second home in the EU, you may find that you're restricted in the amount of time you're able to stay there.
It is expected that after the transition period ends, UK citizens will be able to travel to most EU countries – along with Iceland, Liechtenstein, Norway and Switzerland – for up to 90 days in any 180-day period. To stay longer, you may need to apply for a visa.
Travel to Ireland will not be affected after the end of the transition period, so if your second home is there you won’t face any new restrictions on time spent in it.
If you rent your second home out, you may have to pay a different level of income tax to what you pay now if the country your property is located in has a different rate for EU and non-EU residents.
Yes, you’ll still need to pay back what you owe in line with the terms and conditions of the product you have.
The information contained in this article is for general information purposes only and is not intended to constitute financial advice. Please seek independent professional advice relevant to your circumstances. Barclays does not accept any liability for any losses as a result of relying on the information contained in this article. All opinions and estimates are given as of the date of publishing.
Helping you to make the most of the UK’s new relationship with the EU
A new era has begun for the UK and EU now that the Brexit transition period is over. To help you understand how this could affect you and what it means for your finances, we’ve put together a series of guides, articles and Q&As to support you and help you feel more confident about the future.
Changes that could affect your accounts
If you live outside the UK or you’re planning to move abroad in the future, there will be changes to your banking and investment products and services. You won’t be able to open any new products or services with us, or increase borrowing limits on your existing accounts.
Adapting to change
We’ve put together a series of articles and guides to support you and your business, and help you feel more confident about the future.