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What Brexit means for you and your finances

Your key questions answered

We’ve provided answers to some key questions you may have about the impact of Brexit on your finances.

Am I still protected by the Financial Services Compensation Scheme (FSCS)?

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.

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Will Brexit have any other impact on my day-to-day finances?

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.

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Are payments to and from friends and family in the EU impacted? 

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.

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Does free mobile roaming still apply in the EU after Brexit?

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.

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Will I be affected if I own a second home in the EU? 

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.

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Do I still need to pay back what I owe on my loan or Barclaycard if I need to move to Europe?

Yes, you’ll still need to pay back what you owe in line with the terms and conditions of the product you have.

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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.

 

Other Brexit resources you might find helpful

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