EU will reduce charges for cross-border payments in euros

Open source
The Council of the European Union today (March 4) adopted a regulation on aligning the costs of cross-border payments in euros between euro and non-euro countries. This is reported on the European Council website.
“The EU is working towards making payments in euros cheaper. Paying or withdrawing money in euros anywhere in the EU will soon cost the same as at home,” it said.
This measure will extend the benefits of cheap cross-border euro transfers to an additional 150 million non-euro area consumers.
Also, further transparency requirements will be introduced on charges for currency conversion services. When consumers make card payments or withdraw cash abroad, they can choose whether to pay in the local currency or their home currency.
Adopted provisions will come into force on December 15, 2019.
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