CHANGE IN THE STATUS OF THE UNITED KINGDOM AS OF 01.01.2021
On 31 January 2020, the United Kingdom of Great Britain and Northern Ireland (the "United Kingdom") formally left the European Union and the European Economic Area (EEA) and entered into the so-called transition period which will continue until 31 December 2020, 11 pm, GMT. During the said transition period Union law shall be applicable to and in the United Kingdom, which shall be temporarily part of the EU single market and customs union. From 01 January 2021 on, the United Kingdom shall be treated as a third country outside the EU and EEA and EU law shall not be applicable to and in the United Kingdom.
In view of the upcoming changes which commence on 01 January 2021, we would like to draw your attention to the changes that shall be made to the way bank transfers to the UK shall be processed and executed, as well as the way euro payments to/from the UK shall be charged.
As of 01.01.2021 transfers from/to the United Kingdom will be treated as transfers outside the EEA.