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Questions you may have about Brexit

Some of our frequently asked questions and further information about Brexit

Add your signposting title here… Frequently asked questions

Banking in the EU

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Icon expand Will I still be able to use ATMs in the UK and EU countries?

Yes. It'll still be easy to use your bank card in ATMs in the UK and 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 online to conduct your everyday banking needs.

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Icon expand Is my money safe?

Yes. If you are currently covered by the Deposit Guarantee Scheme, you will continue to be covered by this scheme. Ulster Bank Ireland DAC will continue to be regulated by the Central Bank of Ireland.

Further information on the Republic of Ireland Deposit Guarantee Scheme can be found here.

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Icon expand Will there be any changes for Irish companies with a UK subsidiary as a result of the UK leaving the EU?

There should be no change to your everyday banking services. We are closely monitoring the situation and we’re committed to providing you with as much notice as possible should any changes be required. Our aim is to continue to provide you with the same level of service and range of products as we do today.

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Icon expand Will there be any changes for UK companies with an Irish subsidiary as a result of the UK leaving the EU?

There should be no change to your everyday banking services. We're closely monitoring the situation and we’re committed to providing you with as much notice as possible should any changes be required. Our aim is to continue to provide you with the same level of service and range of products as we do today.

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Icon expand I have a query about how customs charges, procedures and rules when importing and exporting goods may change from 1 January 2021. Who should I speak to?


The Revenue Commissioners published extensive information on their website about how the UK leaving the EU might affect businesses. 

https://www.revenue.ie/en/customs-traders-and-agents/comprehensive-guarantee-and-guarantee-waivers/index.aspx   

A free training programme is available to eligible customs agents, customs intermediaries and affected businesses from Skillsnet Ireland. Details of the ‘Clear Customs’ training is available on their site: https://www.skillnetireland.ie/clear-customs

For any additional information, you can contact the Revenue Brexit Unit on: brexitqueries@revenue.ie

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Icon expand I received a letter from the Revenue Commissioners advising me that my guarantee may not be effective now the UK has left the EU. Is this correct?

Any guarantees issued by Ulster Bank Ireland DAC will not be impacted by the UK leaving the EU. A very small number of customers may have Ulster Bank Limited, NatWest or RBS guarantees. If this is the case, please contact us in your usual way to discuss the implications. 

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Icon expand I'd like to apply for a guarantee, who should I speak to?

Please talk to your Relationship Manager, or get in touch with us to talk about your guarantee and any other trade finance needs. 

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Open Banking and Third Party Providers (TPPs)

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Icon expand What is Open Banking? 

Open Banking was brought in by The Competition and Market Authority (CMA).

It’s a secure way to share your information with Third Party Providers (TPPs) and it also offers alternative payment methods. It will make it easier for companies to offer services that give you more control over your money and financial information.

Banks and building societies will make some information accessible to other approved companies in a standard, straightforward and secure way, and only ever with your consent. All companies will be approved by the Financial Conduct Authority.

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Icon expand Who are Third Party Providers? 

A Third Party Provider could be any company who wants to offer you a service and needs your transaction history to do that. They’re all approved by the Financial Conduct Authority (FCA) before they can take part in Open Banking. They could be other high street banks, newer smaller banks or retailers like Amazon.

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Icon expand Is there any impact on my Open Banking services?

As a result of the UK leaving the EU, from 1 January 2021 some Third Party Providers licenced in the UK won’t be able to access your data under your existing Open Banking arrangements. As a result, you might not be able to do some things you previously could.

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Icon expand What is changing and why?

As the services are covered by law, any Third Party Providers not licenced in the EU needs EU authorisations to conduct business with an EU customer. So, from 1 January 2021, UK TPPs need EU approval to carry on working with EU customers. 

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Icon expand What do I need to do?

It’s likely that your Third Party Provider has already got the right permissions, so you shouldn’t need to do anything. However, if you’ve got any concerns, you could contact your TPP to check.

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Icon expand Why can't Ulster Bank fix this problem for me?

We know this is frustrating, but it's the Third Party Provider that will need to fix the problem. We're only able to process Open Banking access where the TPP meets EU regulations. We've made TPPs aware of this potential issue.

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Icon expand Are there any workaround solutions?

Bankline customers can still download data via a CSV file. Your Bankline Internet Banking Export File Layout User Guide has more details about how to do this.

SEPA Direct Debits (SDDs)

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Icon expand What is a SEPA Direct Debit?

It’s a Europe-wide system that allows merchants to collect Euro currency payments from accounts in 34 SEPA countries.

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Icon expand What is changing with SEPA Direct Debits and why?

Banks define the information they need to process transactions, such as name, address and payee details.

From 1 January 2021, any SDDs from the UK need complete information to be provided to the bank as the UK will be outside of the EU.

This means that SDDs sent by UK banks on your account now need to contain complete information. If this information isn’t included, then the SDDs may not be processed.

To protect our customers, we only process payments that meet EU regulations.

We’ve written to any customers who may be affected by this change.

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Icon expand What do I need to do?

Service providers are working with UK counterparts to make sure they have the additional information they need.

However, if you’re concerned about your SEPA Direct Debits being collected, we recommend that you contact the service provider. Ask them to confirm that their UK bank have all the information required to process payments from 1 January 2021.

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Icon expand Why can't Ulster Bank remedy the situation?

We aren’t directly involved, so the service provider needs to take action, rather than us.

We can only process SEPA Direct Debits (SDDs) that meet EU regulations, and we’ve let anyone creating SDDs know. 

Further information

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Icon expand Which countries are in the EU?

The EU currently consists of:

Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden.

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Icon expand Which countries are included in the European Economic Area (EEA)?

The EEA includes EU countries (that are listed above) and Iceland, Lichtenstein and Norway. It allows access to the EU’s single market.

Switzerland is neither an EU nor EEA member, but it is part of the single market – this means Swiss nationals have the same rights to live and work in the UK as other EEA nationals.

Government Brexit guidance and support

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If you're a Business customer and have any other questions about Brexit, please contact us.

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