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Towards cheaper transfers and currency conversions everywhere in the EU

Mar 29, 2018 | News

(28 March 2018) – The European Commission is today proposing to make cross-border payments in euro cheaper across the entire EU.

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Under current rules, there is no difference for euro area residents or businesses if they carry out euro transactions in their own country or with another euro area Member State.

Today’s proposal aims to extend this benefit to people and businesses in non-euro countries. This will allow all consumers and businesses to fully reap the benefits of the Single Market when they send money, withdraw cash or pay abroad.

All intra-EU cross-border payments in euro outside the euro area will now be priced the same – with small or zero fees – as domestic payments in the local official currency.

Moreover, the Commission is today proposing to bring more transparency and competition to currency conversion services when consumers are buying goods or services in a different currency than their own.

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