Uber and banks negotiate commissions for operations from the UK after Brexit

The European bank has moved token after the effective exit of the United Kingdom from the European Union. Several financial entities have modified the classification of the country that governs Boris Johnson and, since last January 1, the usual commissions for extra-community operations have been applied to movements with origin or destination in the banks of this region. Faced with this situation, large companies with a financial base in the British Isles have been affected and some like Uber already negotiates with the entities themselves how to save or reduce these rates that directly affect your business.

Specific, Uber details in a communication sent to the managers of its fleets that multinational payments are made from a UK based bank accountTherefore, some financial entities are adding an additional commission of between 15 and 20 euros to each transaction carried out from it. The multinational recalls that it is not a norm for all entities, but recognizes that it can cause damage to the income of the fleets that work for them.

It must be taken into account that the companies that work for Uber They can collect the amounts they invoice in the application in two different ways. One of them is based on join all the balances achieved during the week and make the transfer at the end of each seven-day period, so the new commission would barely be charged four or five times each month. On the other hand, there is another modality, according to knowledgeable sources, called ‘immediate deposit‘which has been frozen until the problem encountered by the American company is resolved.

Through this mode, fleets can receive payments for their trips up to five times a day, so this commission would be applied in each of the movements. The objective of halting this type of collection is, according to the communication of Uber to the managers of the companies that work for the multinational, “prevent these charges from impacting your income“To try to fix it, the company that heads Dara Khosrowshahi works together with the entities to see “avoid or reduce” these commissions.

Changes after Brexit

Uber he points out in the same communication that he has come across this situation “unexpectedly”. In contrast, financial sources confirm to La Información that, for them, it is a natural movement. “It seems logical that the moment a country ceases to be part of the European Union, it also ceases to enjoy the privileges it had until then,” they indicate. In this sense, the same sources affirm that “the reduction in commissions was one of them, but not the only one”, while pointing out that Uber is not the only company that is being affected by these types of charges.

The exit of the United Kingdom from the European Union It was definitely produced on January 1 after a 2020 transition. Just a few hours to the end of the year, both parties reached a commercial pre-agreement -which is structured around several key points, such as fishing, transport or financial services- and which will be signed definitively in the coming weeks. At there are still many loose fringes that will have to be resolved through a reciprocity system in the coming months.

On the other hand, at a general level and according to the EBA itself, British financial institutions that want to provide their services in the European Union as they have been up to now must request a community license. In fact, many of the fintech companies have already done it in recent months. In addition, beyond commission costs such as those affecting Uber, Brexit will also entail a higher information requirement than that requested so far when performing certain operations such as transfers.

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