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 Full text 
Wednesday, 13 February 2019 - Strasbourg Revised edition

Charges on cross-border payments in the Union and currency conversion charges (debate)

  Petr Ježek, on behalf of the ALDE Group. – Madam President, firstly, let me thank the rapporteur for her excellent work on this proposal, which is a real example of EU regulation working to cut costs and burdens, and putting the consumer first.

The regulation ensures that the costs for cross-border payments in euro from one EU country to another are the same as an equivalent domestic payment, regardless of whether the countries are in the eurozone or not. Furthermore, customers in the EU withdrawing money from an ATM in a foreign currency will have much more clarity on the cost of their payment options. Following pressure from Parliament, the charges associated with credit transfers will also be made clear to consumers.

From Parliament’s perspective, full comparability is the ultimate goal. That means that customers should always be informed of the cost of their payments in a foreign currency within the EU. The final text of this regulation takes a significant step towards full comparability but, in my view, more can be done. Therefore, I welcome the review that the Commission will undertake three years after the regulation enters into force. The review should explore how costs to consumers can be reduced further and should ensure full comparability of payment options.

Nonetheless, customers will soon begin to reap the benefits of the new provisions, and I’m proud of the work we have done here in Parliament to bring this about.

Last updated: 24 May 2019Legal notice