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Banking after Brexit

What leaving the EU means for your banking with us

The UK left the European Union on 31 January 2020, and the transition period put in place at that time ended on 31 December 2020.

There are a number of changes and new rules which will affect you, your family and your business from 1 January 2021. For our UK based customers, we don’t expect to see any immediate changes to your everyday banking with us, but we’re keeping a close eye on developments.

UK regulations may be updated once the final relationship between the UK and the EU is decided, and we’ll make sure we let you know if anything does change which will affect your banking with us. We’ll be here to support you through any change.

If you do have any questions now, we’ve provided some answers below, based on our current understanding of Brexit, so please look through them for further information. We will update them if anything changes.

Account Opening and Operation

Will Brexit change the criteria for opening an account?

To apply for a Metro Bank account you will need to be a UK resident, with an up-to-date UK postal address.

Will EU nationals who are resident in the UK still be able to open current and cash accounts?

Yes they continue to be able to do this as long as they are UK residents, and there are no current plans to change this.

I’m not resident in the UK. Will Brexit affect how I operate my account?

We will be in contact with customers whose mailing address is not in the UK to let them know about any changes. If you haven’t heard from us, please visit one of our stores. You can see our opening hours here.

Using My Accounts Outside of the UK

Will I still be able to access online banking and my mobile app from other countries?

Yes, you will still be able to use online banking and your mobile app as usual.

Will I still be able to use my card and ATMs in EU countries?

Yes, you will still be able to use your card and ATMs in Europe.

Will I be charged for using my card abroad?

In Europe, there are still no charges for using your card. Outside of Europe, there is a 2.99% non-sterling transaction fee. Find out more about using your card abroad.

Deposit Protection

Will the Financial Services Compensation Scheme (FSCS) still provide protection to deposits?

Yes. Eligible deposits held by UK authorised banks, building societies and credit unions in the UK will be protected by the FSCS after 31 December 2020.

Rate Changes

Do you expect Brexit to affect the variable rates on my mortgage, lending or savings products?

No, we don’t expect that these will be affected directly by Brexit.


Are there any planned changes to how I make and receive payments?

No, you should be able to continue to do this in the same way, within and outside the UK.

Will payments from the UK to EU countries take longer?

Possibly in the future, but at the moment we’re not aware of anything that will change the current situation.

Are there any planned changes to SEPA or SWIFT payments because of Brexit?

No changes are planned.

Business Banking

I’m a business banking customer, will Brexit mean any changes to my banking with you?

We have no plans currently to alter how you bank with us. We will let you know as soon as possible if there are any changes to our products or services.

I have a business account and sometimes operate outside the UK. Will Brexit affect how I operate my account?

We do not expect changes to the way you operate your business account due to Brexit.

More information on how Brexit could affect you or your business

The Government has an interactive website called Get Ready for Brexit, and you can read its Brexit guidance for your business.

UK Finance has put together a guide called Let’s Talk Business.

The British Chambers of Commerce has created a Brexit Hub and produced a Business Brexit Checklist.

The Financial Conduct Authority has created a webpage on How Brexit Could Affect You.

Beware of Brexit Fraudsters

We know that fraudsters are contacting people and taking advantage of worries and confusion around Brexit. They may try to trick you into moving your money, sometimes to non-sterling accounts, offering attractive exchange rates. Remember, we’ll never contact you to ask you do this, or we’ll never ask you for your full security details including password, one-time passcode or long card number.

For more information on how to protect yourself and how to report any suspicious activity, please go to our Fraud and Security section here.