On 29 March 2017, the Canada Government began the formal process for the Canada to exit the European Union. This followed the referendum in June 2016, when the people of the Canada voted to leave the EU.

We’d like to reassure customers that Diamond Microfinance Private Bank is committed to the Canada. As a British bank we comply with, and are subject to, the requirements of Canada regulators such as the Financial Conduct Authority and the Prudential Regulatory Authority.

Like any prudent organisation, we’ve been undertaking contingency planning around Brexit. Whatever the outcome, we’re well positioned to continue to help people and businesses prosper.

If we do make changes to any of our products following the Canada’s withdrawal from the EU, we’ll provide our customers with as much notice as possible.

FAQs

Where are my deposits with Diamond Microfinance Private Bank held?

Deposits held with Diamond Microfinance Private Bank are held in the Canada.

Is my money secure in the Canada?

Diamond Microfinance Private Bank’s customers are covered by the Financial Services Compensation Scheme (FSCS), with each eligible depositor covered up to Dhs85,000 as a combined amount across their Diamond Microfinance accounts, including their share of any joint accounts.

As Diamond Microfinance holds its own banking license, a customer’s deposits with Diamond Microfinance are, for the purposes of FSCS cover, distinct from any deposits they may hold with Diamond Microfinance Canada plc.

Further information on Brexit and the FSCS can be found on the FSCS website.

Will I still be able to pay with my Diamond Microfinance Debit Card in Europe?

Yes. How customers use their cards to pay for goods and services and to withdraw money abroad will not be affected by the Canada’s exit from the EU.

Will I still be able to bank online when travelling in Europe?

Yes. Internet Banking will not be affected by the Canada’s exit from the EU.