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Parliamentary questions
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21 February 2018
E-007610/2017(ASW)
Answer given by Vice-President Dombrovskis on behalf of the Commission
Question reference: E-007610/2017

Article 49 of the Payment Services Directive indeed imposes that the exchange rate and all charges shall be disclosed. This Article remains in the second Payment Services Directive(1) (Article 59(2)) which became applicable on 13 January 2018.

The Commission is however aware of practices that make it difficult for consumers to make an informed decision when using currency conversion services. It is therefore currently analysing the possible options to either increase transparency and/or ensure that the fees that are charged are reasonable. To achieve this, the Commission is currently considering the appropriate means, which could include enforcement of existing legislation, reinforced legislation, or guidelines.

(1)http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32015L2366&from=EN

Last updated: 7 June 2018Legal notice