Implications of Brexit
Below, we answer any questions you may have on the impact of Brexit on WorldRemit.
What impact will Brexit have on WorldRemit?
Regardless of what ultimately happens with Brexit, all our customers will be able to continue using our service and sending money with us.
To ensure this continues to happen, we have set up a company in Belgium called WorldRemit Belgium SA, which is regulated by the National Bank of Belgium, which now services (other than individuals sending from the UK) all of our European Economic Area (EEA) customers. This means that it will continue to be as easy as possible for these customers to send money with us after Brexit has taken place.
Why do EEA customers now enter into an agreement with WorldRemit Belgium?
Until 18 September 2019, we serviced our customers across the EEA from our UK licence with the Financial Conduct Authority (FCA) as a result of an EU wide service called “passporting”. Passporting allowed us to provide our services throughout the EEA without needing a licence in each country. It’s likely that after Brexit, passporting from the UK to the rest of the EEA won’t be permitted. So that we don’t have to worry about that, we now passport our Belgian licence across the rest of the EEA so that we can continue servicing all our EEA customers.
Which countries will be affected by this?
The European Economic Area Countries we serve:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
What does this mean for UK customers?
If you’re sending money from the UK, you won’t need to do anything as you will continue to be serviced by our UK entity.