Bank fees for EUR bank transfers after 31 December

It’s possible that banks in some countries like Bulgaria will take larger fees from customer sending and receiving EUR bank payments to/from UK banks.

Because of this I would suggest Trading212 Ltd to open bank account in EU.

I am waiting to see how Bulgarian banks will react to the “final” Brexit on 31 December.

I understand that UK banks may still use SEPA, but some sc*mbag banks may decide to f*ck their customers with higher fees for bank payments from/to countries outside EU.

Alternatively, customers of Trading212 from Bulgaria may open EUR accounts at good bank outside Bulgaria or fintech company.

They have an account with ABN Amro in the Netherlands to accept IDeal payments. So they already have an bank account in the EU. Do not know how this goes after Brexit is done, but i expect it to stay the same.

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As I have understand SEPA is just a European standard. It has nothing to do with EU and Brexit.

For example this Bulgarian bank say that EUR payments to UK banks will be treated like payments outside EU and higher bank fees will be charged:

Уважаеми клиенти,

Във връзка с оттеглянето на Обединеното кралство (Обединеното кралство Великобритания и Северна Ирландия) от Европейския съюз (т.нар. „Brexit“) и изтичане на 31.12.2020 г. на „преходния период“, в който правото на ЕС продължи да се прилага спрямо Обединеното кралство, считано от 01.01.2021 г. Обединеното кралство ще се третира като трета страна, т.е. страна извън Европейското икономическо пространство (ЕИП).

Предвид това, от 01.01.2021 г. всички плащания към/от Обединеното кралство, без значение от валутата на плащането, ще се обработват и изпълняват като плащания към/от страна извън ЕИП, като ще се прилагат и съответните позиции от Тарифата за такси и комисиони за индивидуални и бизнес клиенти, съответстващи на плащания към/от страни извън ЕИП.

Source: Предстоящи промени в Общи условия и Тарифа на ПИБ АД / Документи / Fibank

When I click “deposit” I see the old UK bank account.

I noticed a change in the deposit interface. Now it ask for a bank account number and don’t give Trading212’s account number before customer gives his number.

However, there is no indication of the type of the bank transfer (SWIFT or SEPA) before bank account number is given from the customer.

Can you confirm that the bank account at Barclays Bank PLC (with BIC BARCGB22) still can accept EUR SEPA payments?

Customers of Bulgarian banks (ПИБ and ДСК) say that they was able to send payments to that account without additional fee (only with a fee for SEPA payment).

There is no official confirmation from the banks. The first bank (ПИБ) say it will charge high fees for payments to UK banks. They did not answered to my question.

On 9th of March I received reply on my email:

Let me start by saying that we absolutely understand what you mean - actually, even some of our own colleagues are experiencing a similar difficulty.

Our best advice for the moment is to consider using card transactions. There is a small fee for them, but it is considerably less than what the bank is charging you for bank wire transactions. Please find more information on that here.

In the meantime, we are looking for ways to facilitate SEPA transfers and we hope to be able to offer them quite soon.