20 September 2001

Commission study confirms persistent high charges on cross-border payments

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Banks and credit institutions in the European Union still charge excessive fees for low-value cross-border credit transfers within the EC and a large number of these transfers are subject to unauthorised double charging. These are the main findings of a new study undertaken for the European Commission. The study examined 1480 credit transfers of euro 100 throughout the European Union.
The study clearly indicates that - despite repeated appeals of the European Commission and despite the pending introduction of Euro banknotes and coins – the level of charges for cross-border payments remains at an unacceptable level. This situation prompted the recent Commission proposal for a Regulation on Cross-Border Payments in euro, which will oblige banks in all member states to levy the same charges for cross-border and domestic payments. See Commission press release
See also the document of key findings of new Commission study

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