Text by Currencies Direct
The UK’s transition period came to an end at the close of 2020 and it heralded a number of changes. If you need to move money to or from Portugal there’s one particular difference you need to be aware of.
Prior to Brexit the ‘passporting’ of financial services meant that firms were able to operate in the European Union (EU) and European Economic Area (EEA) under a UK-based licence. So, if a company was authorised by the Financial Conduct Authority (FCA) in the UK it could use this licence to work with customers based in any other country in the EEA. However, this is no longer the case and financial services firms, like currency transfer providers, must now have a valid EU licence if they want to continue working with customers in the EU/ EEA. If a firm isn’t licensed by a relevant EU body they can’t facilitate transfers for people needing to send money in or out of Portugal.
To ensure our customers would experience absolutely no disruption to services, we acquired a new licence with the Bank of Spain (Banco de España). The Bank of Spain is the FX supervisory authority in Spain and can impose penalties on any currency providers who fail to comply with the decree in order to safeguard the interests of customers. Under this licence Currencies Direct can continue working with customers based in the EU/ EEA exactly as we always have, offering secure currency transfers at great exchange rates, with no transfer fees.
If you need to move money abroad this year our expert team are on hand to help. To get in touch, simply contact your local Currencies Direct office in Almancil.
Currencies Direct have helped over 325,000 individuals and businesses move money abroad since 1996. They have an ‘Excellent’ Trustscore on Trustpilot, 17 branches across Portugal and Spain and a team of more than 500 currency experts.