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Brexit & Banking – Are You Ready?

An Article by Bridget Hamilton Currency Index UK Ltd

Well it’s coming!! I don’t mean Christmas or even the New Year, though just like the tides that surround our beautiful island these are inevitable. What I am talking about is this word we have heard like a broken record running round and round for what seems like an eternity. Oh, the word? BREXIT!!!!! Yes, finally it’s about to jump out of the groove and into our reality.

Bridget Hamilton – Currency Index UK Ltd

How Will Brexit Affect Us?

Working in this field, I am particularly interested in how it will affect us in practical terms, with regard to the important issue of Currency Exchange/Transfers and the consequences for those of us fortunate enough to be resident here, or hoping to become so, in the future.

Banking In The UK

The banks in the UK have specifically said that as non-UK residents we will NOT be entitled to hold a UK bank account and of course this is a bitter pill to swallow (especially for many who have loyally banked with one institution for many, many years). There are just a couple of banks who are willing to continue for now, but when I think about it, I realise that in fact, the Banking Institution is a pretty outdated and expensive model anyway! They really haven’t moved with the times and have relied instead on their past stranglehold and our meek acceptance of this.

But now things will change!

What do we really need when we wish to exchange our UK currency, transferring it to euros, to support our fabulous life here? I think most people would agree we need:

– Security

– Reliability

– The BEST possible rates

-Access to information

– Flexibility

Did the banks actually deliver these?

Were we able, at any time of day or night, to check the progress of our transaction? 

Did we feel that we enjoyed a personal service from a dedicated currency expert? 

Were we ever contacted and advised immediately of the optimum time to make a transfer at the best possible rate? 

I think there is only one answer and it’s not yes!

Trust

When entrusting your money with a high-ranking professional FX Company, I can categorically guarantee that the five points listed above can all be ticked with a big fat confident YES, provided you consider the following:

– Are you wanting to transfer one large amount (say for a house purchase/sale)? 

……..If so you may benefit from a Forward Contract.

– Are you wanting to transfer a regular monthly amount such as a pension or income from UK house rental/employment?

……. Then a Regular Payments Solution would be the perfect option.

– Do you have a capital amount invested or saved in the UK, but not sure when would be the optimum time to convert this to euros, transferring all or part of these funds to an account here? 

……… Then a ‘Stop Loss and Limit Order’ that monitors the situation 24/7 is the answer.

– Would you like to hand over a certain amount of the more mundane, but necessary payments you are obliged to cover?

……….Setting up a Standing Order in this case, can be VERY important, especially for those ‘would be’ residents who may not yet be quite at the stage where they can live here permanently, or maybe choose to visit during the winter months and let out their property for the remainder of the year.

Do You Own Property?

For those British Residents who have a 2nd home or property here in Fuerteventura, be aware that the Schengen Agreement will no longer apply. This may mean that you are not able to travel quite as frequently if you have already stayed for the 90-day period (perhaps during the winter months) but your utility bills/expenses will still need attending to and a good FX Company can assist you with this.

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Seek Specialist Help

Once you have considered which category/s best describe your situation you can then seek specialist help. Is there one avenue you can take that leads to the solution you need? Well the answer undoubtedly is YES! Not only is this possible, a really good FX company will NOT charge you commission!

January 2021

From January 2021, our old banking buddies who, mostly due to our own compliance, have always had the monopoly will be rapidly replaced. Outmoded Banks who were evermore raising charges and lowering interest rates for very little support and an increasingly diminishing service, will be a thing of the past!

A professional FX company could literally save you thousands! 

Their specialised, personal service and expertise is quite simply part and parcel of the equation!

So please don’t despair, please don’t feel anxious TAKE CONTROL TODAY! It’s YOUR money, it’s YOUR future and it’s YOUR right to expect nothing but the BEST!

If you want a free transfer or would like to find out how much money we can save you, simply ‘CLICK THE BANNER BELOW’ and take the first step towards regaining your control!

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Regards

Bridget Hamilton

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