Paul Burgin – Financial Journalist
This is not financial advice. My story is not the same as yours …..
Recently, I started asking a simple question: Can I Brexit-proof our family savings, investments and pensions? For millions of EU27 nationals in the UK and the British in the EU, this is about the freedom of movement: the freedom of movement of our money. Unfortunately, there is no simple answer. Personal finance unicorns do not exist. NATIONAL SAVINGS & INVESTMENTS 185,000 savers NS&I savers live in the EU27 – and that’s just those who have registered their non-UK addresses. Between us, we have £780 million in Premium Bonds, other bonds and various accounts. No problems if I want any payments made to an account in the EU or European Economic Area, says NS&I. It does not charge a cross-border fee, but does take a cut from the exchange rate. The bigger the overseas payment, the more NS&I deducts. How much? That changes day by day. NS&I said £1 was worth €1.1169 on 30th May. Transferwise’s exchange rate was £1/€1.140. So I’ll stick with my winnings paid out in the UK, then transfer them myself. On a £1 million Premium Bond win, that’s over €23,000 saved.