Date: 14th November 2018
Author: BETTER FINANCE
On 12 November the European Parliament’s Economic and Monetary Affairs Committee adopted a draft regulation limiting charges for cross-border payments within the EU and for currency conversion services by a broad cross-party majority. Such a regulation would mean that regardless of the currency, the same fees as for national payments within the EU will be charged for all cross-border transfers in Europe. In addition to that, the European Parliament is supporting greater transparency and comparability of charges for currency conversion services (such as card payments or withdrawals in another currency). The European Parliament is also in favor of allowing consumers to permanently block dynamic currency conversion services (usually unfavorable ) from their account.