Brexit News for Expats, Expats, Expats in Europe

EU Citizens In The UK: Changes In Rights After Brexit

EU citizens in UK after Brexit

Are you one of those EU citizens moving to UK after Brexit? Ocyan accelerates your application for banking, no-fees money transfers and other services. Save both money and time, connect with us

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Brexit has finally turned into a reality. After a lot of dilly-dallying, fallouts and even a change of the ruling regime, Britain has finally transitioned out of the European Union. Now, since there’s a wedge between the bloc and the UK, what can EU citizens in the UK after Brexit expect? 

It is only natural to believe that there’ll be some very crucial changes pertaining to residential status. After Brexit, EU citizens will have to make some changes in order to continue residing and earning in the UK. Here’s all you need to know –

Residential Status Changes After Brexit

The uncertainty regarding the residential status of EU citizens residing in the UK post Brexit has been cleared now. 

The rights of EU citizens in UK are subject to change after 31st December 2020. EU citizens, for the purpose of living in the UK after the 31st of June 2021, would have to apply to the EU Settlement Scheme. 

The general yardstick here is that the applicant must’ve started living in the UK before the 31st of December 2020. Next, EU citizens residing in UK for more than 5 years would be granted a ‘settled’ status under the Settlement Scheme, whereas those having resided less than 5 years would be granted a ‘pre-settled’ status.

For more clarity, you can click here

Residential status for EU citizens in UK

Currency Changes

Since the UK has decided to remain a part of the Single Euro Payments Area (SEPA) post Brexit, EU citizens in UK would face no hindrance in transferring Euros electronically. However, some difficulty in terms of the payments processing time and mechanism is expected. It is therefore advised to not wait for the last date of payment, if any. 

However, for EU citizens after Brexit, especially those not familiar with the payments mechanism, things can turn a little confounding. Moreover, at a time when there is volatility between the Pound and the Euro, one can easily receive the short end of the stick. Knowing the right exchange rate is of great significance in such cases.    

At Ocyan, we’re dedicated to making your stay in another country as convenient as possible, and hence, Ocyan has partnered with TorFx to offer safety, surety and savings. With TorFX, you get:

  • Free online quote
  • Favourable exchange rates
  • Fixed exchange rate up to 2 years
  • Convenience, as TorFx does most of the work for you
  • Quick and easy opening of account

Read more about TorFx here.

Money transfers for EU citizens in UK
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A New Way Of Banking

When moving to a new country as an expat, some needs such as opening a new bank account, often turns out to be one of the big challenges. 

Lot of people may have told you some documents are required to open a new bank account and even after weeks or months, if and when you manage to get all the required documents, it takes a while to open a simple bank account with a local bank because of the tons of formalities.

However, dealing with some priorities from the comfort of your home before moving, ease the relocation process. Opening your new bank account is one of these.

Bunq is a non-traditional banking option. It has a tailored section for Expats and non-residents to meet their needs. Discover the advantages of opening a bank account through Ocyan!

How To Open A Bank Account Online With Ocyan?

Ocyan allows you to open your bank account in minutes by signing up for free into their Webapp. It’s a simple procedure that just requires your mobile phone. Right after, you can open your bank account anywhere and any time of day in just a few minutes.

Once your account is opened, you can do all your everyday banking tasks from a simple mobile app.

All you need to do is simply subscribe for free on Ocyan and access Bunq by following simple steps. You can create your account in minutes providing few information – your country of residence, your personal details, and create a secure PIN. The verification process is simple and can be done either by a photo of your ID and selfie or a video call with customer service.

Among other advantages, there are 

  • No charges fee – Unlike traditional banks who charge up to 3% when using your card for other currencies,
  • Enjoy the advantage of free ATM withdrawals around the globe
  • Global coverage with Maestro and Mastercard.
  • Send money with TransferWise and always enjoy the real exchange rate.

To know more about opening a bank account through Ocyan visit the website.

Hello From Ocyan!

We, at Ocyan, understand the struggles of European Union expats. It is with the purpose of making your life simpler that Ocyan brings to you services of great importance. Be it before, during or after your relocation, Ocyan has you covered on all grounds from insurance to accommodation! 

So, hurry, and subscribe to Ocyan for free!

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Financial inclusion for EU citizens in UK

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