CURRENCY News from GC Partners

Expert currency advice

By Rachel Canales from GC Partners

ARE YOU STILL COUNTING THE COST OF BREXIT?

How turning your back on your bank could be the only way to avoid increasing fees for international money transfers. Since the UK’s departure from the European Union (EU) in 2020, there has been an increase in EU bank fees which continue to impact many expats, overseas homeowners and individuals transferring money abroad. When the UK was part of the EU, the UK used the SEPA system (the Single Euro Payments Area for simplification of bank transfers within the EU) to transfer Euros to EU countries. SEPA rules ensured that banks could only charge the same fees for sending and

receiving Euros within the EU as they would within their own country. Whilst the UK remains part of SEPA, charges should remain unchanged, however, as other EU rules no longer apply, charges for sending and receiving money are no longer capped and many EU banks are making the decision to change policies and increase their fees. One leading European bank commented, “new fees are likely being applied to compensate for the increased costs caused by Brexit for the banking system.” The bank did not specify whether they intended to increase their fees.¹ An increase in charges has been seen in most Eurozone countries. In the case of Spanish banks, their charges can be up to 1% of the GLO advert 118x130.5 Group.qxp_Layout 1 23/12/2019 13:02 Page 1

Currency, tailor made

We outperform the high street banks and make international money transfers simple and stress free. We think you should be able to move your money in ways that suit you. In ways that your bank can’t offer such as our buy-now-pay-later forward contract option.

T. 289 093 137 / +351 289 093 137 E. portugal@gcpartners.co www.gcpartners.co Visit our offices in Lagos and Vilamoura

Global Currency Exchange Network Limited T/A GC Partners is authorised by the FinancialConductAuthorityunderthePaymentServicesRegulations2017,FRN504346. Global Custodial Services Limited T/A GC Partners is authorised and regulated by the FCAand holds Part IVPermissions underthe FSMA2000. Registration number595875. amount being sent which is a hefty sum if you transfer large amounts to facilitate a property purchase or sale or make overseas payments on a regular basis. There also seems to be varying sizes of fees with many seemingly applied on a case-bycase basis. Some fees are being applied as a fixed amount or percentage depending on the bank and branch.

The GC Partners difference

By sending your Euros to Europe through us, GC Partners can help you avoid as many fees as possible and in some cases remove them completely. You can also set up a multicurrency account in your own name with us which can be used to pay funds in and out of over 50 currencies, keeping your transactions transparent and secure from end to end. Our dedicated currency specialists are on hand to make moving your money as simple as possible. Opening an account for your foreign exchange transfers with GC Partners is simple and free. Visit us online at www.gcpartners.co/register or in person at one of our local offices. Contact us on PT +351 282 768 136 and UK +44 (0) 203 974 4738 or email your currency specialist Rachel. Canales@GCPartners.co or call her on +351 910 002 741 (WhatsApp) today.

Established in 2003 and serving over 150,000 clients worldwide, GC Partners are currency specialists you can trust and our 4.9 out of 5 Trustpilot rating is one of the highest in our industry.

Global Currency Exchange Network Limited T/A GC Partners is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, FRN 504346. Registered as a Money Services Business, regulated by HM Revenue & Customs (“HMRC”) under the Money Laundering Regulations 2017. Registration number is 12137189. Registered in England and Wales, Company number 04675786. Registered Office 3rd Floor, 20 Dering Street, London, England, W1S 1AJ

¹ https://www.neugroup.com/fight-andflight-bank-fee-on-sepa-payments-from-uksparks-pushback/

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