How will Brexit impact your payments?
The UK will remain in the SEPA even after 1 January 2021. Consequently, all payments in euros between the EU and the UK are treated as 'internal payments' and, therefore, won't attract any transaction charges. However, you need to bear two things in mind to ensure your payments go through.
1. Remember the minimum number of characters when setting up a credit transfer or instant credit transfer*
If you are transferring money (instantly) to the UK, the payee's name must contain at least three characters.
* SCT (SEPA Credit Transfer) and SCTInst (SEPA Instant Credit Transfer).
2. Check the payments made by direct debit*
If your customers in the UK pay by direct debit, enter their full details in the collection file:
- Name (at least three characters)
- Address (at least nine characters)
- IBAN
* SDD (SEPA Direct Debit).
Good to know: SEPA payments also require a BIC. At KBC, we fill it in automatically for you, so you don’t have to do it yourself.