What will happen to bank accounts for foreigners after Brexit?

The United Kingdom (UK) will leave the European Union on October 31, 2019, in a move called Brexit and that action will affect many foreigners who have accounts in the region. 

People who have bank accounts in the United Kingdom could face numerous difficulties accessing their accounts, the Independent.ie reports.

Brexit for tax dodgers by Ed Everett on Flickr
Brexit for tax dodgers by Ed Everett

In the event of a no-deal Brexit, people who have bank accounts in the UK might have difficulties accessing bank services. 

Already citizens in the Republic of Ireland have been advised to contact their banks to determine the status of their accounts.

The Banking and Payments Federation Ireland (BPFI) fears failure to contact banks about the status of accounts could see customers lose money. 

In the most severe cases, it is feared that Ireland and other EU-based customers of UK banks could see that bank service withdrawn.

The Independent.ie reports disruption in bank services is a possibility because of the different legislative or regulatory situations in the UK. 

Different types of account, credit card, a loan or mortgages are some of the services which is expected to be affected after the UK leaves the EU. 

Babylon Radio already reported that EU citizens living in the UK must apply for settled status so they can legally stay after free movement ends at the end of October. 

The UK is made up of four countries, England, Wales, Scotland and Northern Ireland. The Republic of Ireland is not a part of the UK and will not be leaving the European Union after Brexit. 

Ayomide Akinshilo
Ayomide Akinshilo

Ayomide is a journalist and editor with a passion for sports, video games and African culture. He has degrees in Mass Communication, Journalism and Media Communication.

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