Increased costs for EUR payments from UK as a result of Brexit, Banking Circle

Cross-border payments expert Banking Circle has identified an issue affecting some financial institutions handling cross-border transactions from the UK to the EU.

It seems Brexit has caused a number of EU banks to increase their fees for receipt of SEPA local payments in EUR from GB IBANs.

Banking Circle believes that this is unhelpful for the financial institutions supporting businesses trying to continue to trade cross-border, according to the official press release.

Banking Circle looks to cut out the ‘Brexit-premium’ through a solution that enables transparent, local payments and collections across borders, without the need for a physical presence or a relationship with a correspondent bank in that region.

With this there’s no need for financial institutions’ customers to accept increased fees because of Brexit.