Paddy Pumpkin wrote: ↑Wed Dec 23, 2020 4:31 pm
I am still trying to figure out why they need a licence. I hold accounts with banks outside the EU that don't have EU licences. They are not actively marketing to clients in the EU but if you call them up they will open an account for you.
Simple - those banks are outside EU jurisdiction and thus none of the guarantees EU member states agreed to (protection of capital, etc) apply. So you're on your own. However, the UK will want to maintain similar financial regulation as the UK does so much business with the EU.
UK banks will need EU approval to operate as before, something unlikely to happen anytime soon - you can hear the screams of Farage etc on that one. There's nothing to stop you getting a UK bank account held in Euros and withdrawing in or transferring funds to your Spanish bank account. You can look at internet banks/services like Revolut. The exchange rates are MUCH better anyway.
Frankly, we are going to be tied to EU rules so much (given we are geographically so close and do so much trade) that give it 10 years and a change of Govt and we'll be applying to rejoin.............maybe.