On 15 December, new rules ensuring that all cross-border payments in euro in non-eurozone Member States will be priced the same as domestic payments entered into effect. These rules apply to Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania and Sweden. Ecommerce Europe welcomes this development and will closely follow the Commission’s monitoring efforts on the application of these rules at national level to ensure that the benefits of this measure reach consumers and businesses.
This means that cross-border euro payments will, from now on, only have very low or no fees. Commission’s Executive Vice-President Valdis Dombrovskis commented: “These rules will allow all our citizens and companies to equally benefit from cheap cross-border euro payments. This is a positive and concrete example of how the Single Market can bring real benefits to European consumers.”
The new rules are part of continuous efforts by the European Commission to create better access to financial services for consumers across Europe. From April 2020 onwards, extra provisions will apply to allow EU consumers to compare currency conversion charges when paying with their cards in another EU currency.