Brexit FAQs

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.

As our business is largely UK-focused, the direct impact on the Royal Bank of Scotland 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.

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 (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.

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.

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

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.

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.

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/

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.

Access to Euro payment capability for our customers will remain.

When the UK left the EU on 31 January 2020, the UK entered a ‘transition period’ and was largely treated as continuing to have EU membership.

However, with the end of the transition period on 31 December 2020, the way UK financial institutions can do business in EU countries has changed.

Due to the loss of the financial passports that enabled UK financial institutions to market and provide financial services and products to EU-based customers, we are no longer able to provide specified products to certain Dutch-based customers.

No. We must comply with local legislation in the Netherlands. A Guidance Note was issued in February 2021 by the Dutch Central Bank.

You must ensure you have put alternative banking arrangements in place by the end of the 60-day notice period.

You should:

• Contact anyone who currently makes credits into your business account such as consultancy fees or online payments to advise them of your new banking details.
• Make sure you transfer any balance to your new business account with your new provider and cancel any direct debits, standing orders or regular payments you may have set up. This may include annual payments such as public and employer liability insurances.

Contact us to update your details if the address information we hold for you is incorrect.

You should ensure you have put alternative business banking arrangements in place by the end of 60-day notice period.

As stated in our Terms and Conditions, we’re required to give you 60 days’ notice of our intention to close your account.

We’re working hard to understand the impacts of the UK’s departure from the EU and actions we need to take to be compliant with local regulations across the EU. We’ll endeavour to continue to support our EU business customers where we are permitted to do so.

You can continue to have a business loan with us until the term ends. However, if we have had to close your current account that you use to make your monthly payments you will need to find an alternative way to make your monthly payments to us.

If you use online banking or our mobile app, you can easily transfer any funds to an account with another provider. A daily limit of £50,000 is in place. If you are not registered for online banking you can set this up by following the guidance on our website. If you have a balance in your account that is greater than £50,000 you can transfer your money over multiple days or contact us on the phone number in this letter.

If you use Bankline, there is no daily limit on the funds that you can transfer to an account with another provider. Please note that if you want to transfer via a Faster Payment, there is a limit of £1,000,000 per faster payment.

Please be aware that whilst we will not charge you for making a standard international transfer (taking 2 to 4 business days), your recipient bank may charge for the transaction.

You can continue to have a business loan with us until the term ends. However, if we have had to close your current account that you use to make your monthly payments you will need to find an alternative way to make your monthly payments to us.

You should no longer use your credit card to make purchases. Please ensure any outstanding amount is paid off before the end of the 60-day notice period as we shall close your account from this date.

If you are unable to pay off your outstanding balance within the 60-day period, please contact us on +44 370 909 3701 from abroad or 0370 909 3701 from the UK to discuss.