Briefing 
 

EU cross-border payments outside Eurozone: MEPs to vote on lower fees  

Banks should charge equally for cross-border payments in euro and domestic payments and make currency conversion costs more transparent.

In a vote on Thursday, MEPs are set to put an end to the discrimination that payment service users in the EU outside the Eurozone face. Whereas consumers in the Eurozone benefit from the single euro payments area ('SEPA'), those living outside continue to pay high costs for their cross-border payments in euro.

The new measures, already informally agreed with the Council, will also protect consumers from being charged excessively and arbitrarily for currency conversions and ensure that they are informed about the amount to be paid in the local currency and the currency of their account.

Background

Average fee for a cross-border EUR 100 equivalent transfer in local currency


Country

2012

2017

Bulgaria

18,68 €

19, 98 €

Croatia

N/A

8,23 €

Czechia

9,50 €

8,71 €

Denmark

2,17 €

2,69 €

Hungary

15,32 €

5,93 €

Poland

2,73 €

1,54 €

Romania

12,58 €

11,19 €

Sweden

0 €

0 €

UK

15,63 €

9,26 €


Cross-border card payments and cash withdrawals from euro area member states

Sources: Commission Impact assessment, quoting Deloitte study 2017 for the EC, London Economics and PaySys study 2013 for EC

Procedure: Ordinary legislative procedure, first reading agreement

2018/0076 (COD)

Debate: Wednesday, 13 February

Vote: Thursday, 14 February