Great Britain (GB) and Gibraltar (GI) are exiting the EU as of 31 December 2020. From this point forward, GB and GI are not members of the European Economic Area and the EU regulations for payments from/to non-EEA countries will be applied starting on 11 January 2021.
Great Britain can still be reached via SEPA transfers and SEPA debit orders, but the previous price regulations no longer apply to the transfers, and the provisions of the EU Funds Transfer Regulation for non-EEA countries must be complied with. This means that payment transaction fees as for payments to and from non-EU/EEA countries apply immediately. The current foreign fees will be charged for payment transactions.
What payments are affected:
- Payments with a payer or payee IBAN beginning with "GB" (Great Britain and Northern Ireland) or "GI" (Gibraltar)
- Payments with a payer or payee BIC with "GB" or "GI" at locations 5 and 6
Required address information (according to EU Funds Transfer Regulation 2015/847).
The address of the payer shall be indicated as follows for transfers and debit orders:
- For wire transfers, we will automatically include the payer data including address.
- For debit orders, the address of the payer must be indicated by the party submitting the order. This means that you must have the address of the payer in your creditor accounts.
The conditions (prices and value dates) for non-EEA countries and non-EEA currencies will also be applied to foreign payments, urgent payments, and payments with an identical order submission and value date.