Europe makes cross-border payments cheaper

Payments in euros will soon be cheaper throughout the European Union. The Council and the Parliament have come to an agreement in this regard, and it means that the fees for cross-border payments in euros will be abolished or significantly lowered. Ralph Packet, MEP for the N-VA, is happy that the European Parliament is getting rid of these useless costs: “This agreement ensures that transferring money to a member state outside the eurozone will cost exactly the same in euros as in the local currency. This is good news for consumers and SMEs alike.”

Displaying the exchange rates

Something else that is new is that banks, traders or operators of ATMs must display the exchange rates in the same, transparent manner. In this way, the consumer is clearly informed about exchange rates so that he or she can choose the best option when making payments at an ATM or on a platform for online banking.

Better for consumers

“Anyone travelling to a member state where a local currency is used can often choose between the euro and the local currency when making payments electronically. What this costs is not clear, however. In future, in European countries outside the eurozone there will be more transparency about the costs and the exchange rate so that a consumer can choose whether he or she pays in euros or in the local currency. This is clearly better for consumers,” Ralph Packet concludes.