Updated time: Sep 03, 2020, 11:55 (UTC+03:00)
The UK is officially out of the EU, and Brexit is moving to the end of the deal. Even though the UK still aligns with the EU rules but everything is changing step by step, and companies based in the UK are witnessing the transition period. This must be a significant change in business if no deal is reached at the end of 2020, trade rules in terms of tariffs on exports to the EU, and customs checks at the borders (and vice versa) would go into effect. The difficulty arises in the need for EU offshore accounts to transfer capital between the UK and the EU hassle-freely.
Eu Offshore Account - The Optimum Solution After Brexit
Some international groups who operate in this field of business are losing patience and fear of no-deal Brexit while the others have taken action by considering moving their UK operations to mainland Europe to avoid the disruption of Brexit. In some cases, there are many firms that choose to stay in the UK to continue their business.
When the deal to leave the EU is done, goods and services like foods, retail products that are imported to the EU from the UK will be affected by tariffs, Customs, and duties & export costs. This decreases the competitiveness of British products in the EU market.
With a wide range of uncertainties due to Brexit, many international groups and investment companies decided to move their business to the EU for their seamless operations as well as maintain the smooth momentum with clients and partners in Europe.
These decisions trigger the need to open a banking business account in the EU for UK firms. Using a UK bank account for transactions with the EU increases the payment cost including international transfer fees, foreign exchange fees, long transfer process time, opportunity cost, etc. considerably for UK companies, especially Small and Medium Enterprises compared to an EU offshore account.
Besides, London city is the hub for banking and investment will no longer have the ability to access the financial industry and trading business with European clients. Under the EU’s equivalence rule, British financial institutions may be given limited access to the financial system in the EU and the European Central Bank. It is clear that all corporations in the United Kingdom may pay higher fees when it comes to payment and capital transfer.
While banking by a UK current account, your incoming and outgoing payments will last nearly a week when it comes to wire transfers, you can fasten the payment process with an EU offshore checking account. In general, funds transfer in the European Union with SEPA Instant Transfer only takes from 1-2 business days. However, you have more flexible options to choose from, typically express transfer. Express fund transfer options enable you to pay for your vendors or receive money from clients in the EU in real-time.
Moreover, an EU offshore account helps your business manage capital in an organized way. All funds are in control with the internet banking platform and mobile banking app on your smartphone. Your payments can be instructed in simple steps with payment receipt in every single completed transaction.
For many international groups, you can open multiple EU offshore current accounts depending on the number of entities. The account holders can manage all types of account with a banking user and account information is organized separately for your easy tracking.
Last but not least, the offshore checking account has tremendous advantages compared to a UK bank account. Needless to say that the transaction fee for international payment is reduced significantly by IBAN account. It is obvious that money transferred from the UK to mainland Europe will be cut down and this saves cost for your business.
The capital flow is moving from London to other cities in the EU namely Berlin, Paris, Amsterdam or Stockholm. Many people think that is a phenomenon while others say it can be a propensity. To be the pioneer in the financial industry, DSBC Financial Europe has offered UK companies open offshore current accounts in the EU with free opening fees. Unlike other banking corporations or financial institutions, banking with us is the best choice for UK firms when you are free of charge to open multiple accounts for your entities in the EU. The offer saves you a lot of money no matter how many business entities you have, and that's worth considering.
Wire transfer to your partners and receive funds from clients between the UK and EU will never be trouble after Brexit. You should open an EU offshore account to make all businesses go live without any worry from the transition progress.
To register with DSBC, you may visit "DSBC Financial Europe" UAB and click on the open an account button on the top right corner, then follow the required steps.
Or you can apply now by fulfilling the lead form below, our Relationship Manager will call you back for consultation and support.
Before applying with us, please refer to our eligibility criteria:
Not only can you open an EU offshore checking account free with DSBC Financial Europe, but also you can apply more services to support your trading investment in the EU like debit/prepaid MasterCard, merchant account for e-commerce and cash management.
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