Remittances & international money transfers are proving to be in a constant state of flux owing to recent news surrounding the UK’s departure from the EU, which has led to realistic concerns from traders and buyers holding the GBP as to what to do with the currency. Alongside Brexit here are some of the key issues for October.
Current issues that will help shape the market in October include:
The final judgement on Brexit
The current value of the GBP/EUR is 1.1347. With the final date to leave the EU set for October 31st if Britain does decide to go ahead with this expect a large drop in the GBP value. This will mean any large currency decisions should be timed before this date
New payments PSD2 effects felt throughout the industry
With this new payment directive being a force for good in the industry, it does have the side effect of adding potential further hurdles to remitters from abroad or less regulated countries, alongside those without multiple forms of ID or a banking partner that has opted-in. The knock-on effects on transfers will be felt throughout October and the rest of 2019.
These are the current issues & trends that we identified for October, please subscribe for more regular money transfer & remittance news.