Hi, probably a scare story, but I saw (on twitter, which I totally trust ) that in the event of no deal Brexit, UK bank-issued visas will not work in the EU. Is it just a scare story? Steve
The amount of money visa makes from uk visa cardholders I doubt that very much, fake news
This is what the government website has to say:
Using your UK credit or debit card to pay merchants in the EEA
This is unlikely to change as a result of leaving the EU; however, it may become more expensive. This is also true if you have a bank account with a provider based in the EU, Norway, Liechtenstein or Iceland, this will still be possible, although it may become more expensive and a surcharge may apply. This is also true if you have a credit or debit card issued by an issuer based in the EU, Norway, Liechtenstein or Iceland and want to use it in the UK. Merchants in the UK will continue to be banned from applying surcharges to payments made by a consumer credit or debit card issued by an issuer based in the UK.
I’m sure they want to, but I’m talking about rules and regs.
But, after a bit of research, I paste the following:
Meanwhile, if you use your card to make a lot of cross-border transactions, you are likely to see further impacts of a no-deal Brexit: increased costs for transactions and slower processing times. Additionally, Britons visiting the EU could face extra card charges as a result of UK payment providers no longer having access to the EU’s central payments infrastructure.
Changes to consumer protection
One final element of a no-deal Brexit to consider is changes to consumer protection laws.
Currently, if you were to buy an item from an EU-based trader and the item did not arrive or there was an issue, you could use UK law and UK courts for redress, and this would be recognised and enforced by the EU. In a no-deal situation, you could lose this safety net and no longer be able to effectively seek compensation from an EU retailer – something to be aware of if you plan on using your credit card to purchase goods and services from retailers in the EU.
Visa/ MasterCard will work regardless,
Everything just might be a little bit more expensive just like everything else regarding Brexit
Consumer protections and charges may be different but it doesn’t change the fact that Visa and MasterCards will still work in Europe after a no-deal Brexit.
They work outside of the EU currently, no reason for them to stop working within the EU post Brexit… It’s pure scare-mongering.
Gotta love the old scaremongering stories!
Something dawned on me today too… I assume the word Brexit means something along the lines of Britain Exiting? but it’s the UK that’s leaving which as we know is not the same as Britain…
So should it not be Ukexit?
Sounds like more unnecessary hysteria and scaremongering. Visa and Mastercard are global brands and work in far more non EU countries than EU countries. The EU single market is actually shrinking due to emerging markets particularly in parts of Asia and South America.
Not to worry Brexit won’t be happening
Yep, looks like like it.
(but EU market isn’t shrinking - just not growing as fast. Might go negative eventually. Who knows?! )
Just a reminder for those so inclined, chat (wailing and gnashing of teeth) about Brexit is over here:
If we could keep this to the facts of what might happen to MasterCard and Visa post EU exit, I’d be eternally* grateful.
*Well, mildly appreciative for a couple of minutes, at least.