Currency exchange to cost Dutch exporters a lot post-Brexit

Currency exchange to cost Dutch exporters a lot post-Brexit

Dutch companies who trade with the British can expect significantly more costs once the Brexit’s transition period is over, according to De Telegraaf. British banks are disposing of Dutch companies’ accounts, which they used to perform transactions in British pounds. Which means that they’ll now have to deal with the exchange rate, according the newspaper.

“Dutch companies will receive an extra bill of 100 to 200 million euros per year now that the Brexit is happening,” country manager Jeroen Hoevers of currency trader iBanFirst said to the newspaper.

About a quarter of Dutch exporters to the United Kingdom had a ‘pound account’, which allowed them to transact in pounds and saved the costs of exchanging currencies thanks to internal agreements, according to the newspaper. A number of British banks are now closing these accounts of EU customers who do not have an actual British branch.

netrailorg