The EU has Aapproved a Reduction in Wire Transfer Fees
Wednesday, 06 March 2019
The EU Council, bringing together Member State Ministers, said it had adopted changes yesterday to align the costs of cross-border euro payments between eurozone and non-eurozone countries and increase transparency in charges for currency conversion services.
Since 2002, the same charges for cross-border and national euro payments in the euro area have been applied, but cross-border payments in euro from non-eurozone countries are subject to high charges. The changes will align the fees for cross-border euro payments for services such as credit transfers, card payments, or cash withdrawals with the fees for corresponding national payments of the same value in the national currency of the EU country where the payment service provider the user of these services.
Most provisions will begin to apply from 15 December 2019.