Cross-border payments in euro get cheaper in non-eurozone member states

ZAGREB, Dec 19 (Croatia Sun News) – According to new European Union rules on cross-border payments, which went into force on Monday, fees for cross-border payments in euro in non-eurozone countries will be the same as fees charged for domestic transactions.

“These rules will allow all our citizens and companies to equally benefit from cheap cross-border euro payments. This is a positive and concrete example of how the Single Market can bring real benefits to European consumers,” European Commission Executive Vice-President Valdis Dombrovskis said.

“For instance, a family in Romania that wants to send money in euro to their child doing an Erasmus exchange in Paris will no longer have to factor in additional costs, as they will now be paying the same fee as for a domestic transaction in Romania,” he added.

“As of today, consumers and businesses in non-eurozone Member States will enjoy cheaper cross-border payments in euro. New EU rules will ensure that all cross-border payments in euro in non-eurozone Member States – Bulgaria, Croatia, Czechia, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, Sweden, United Kingdom – will be priced the same as domestic payments,” the European Commission said in a press release.

The Commission said it would closely monitor the application of these rules, and would liaise closely with competent national authorities to ensure that they were implemented correctly.

(Source: Hina)

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