Charges for cross-border transfers
Thread poster: co.libri

co.libri
France
Local time: 21:52
German to French
+ ...
Sep 11, 2003

It seems I was the only one who didn't know it!
If there is other people like me...


____________________________________________
EU Regulation aligns charges for cross-border transfers in euros

DN: IP/03/901 Date: 26/06/2003



TXT: FR EN DE DA ES PT NL IT SW FI EL
PDF: FR EN DE DA ES PT NL IT SW FI EL
DOC: FR EN DE DA ES PT NL IT SW FI EL

IP/03/901

Brussels, 26th June 2003

EU Regulation aligns charges for cross-border transfers in euros

As from 1 July 2003, cross-border bank transfers in euros within the EU will cost the same as domestic transfers, bringing significant savings for customers. This measure is being introduced in accordance with Regulation (EC) No 2560/2001 on cross-border payments in euros, which establishes the principle of equal charges for domestic and cross-border payments. The rule came into force in July 2002 for bank card payments and withdrawals from cash machines (see IP/02/941 and MEMO/02/154); it will now apply from 1 July 2003 onwards to bank transfers. In recent years, a €100 transfer has cost the customer on average €24 in charges (see IP/01/1293 and MEMO/01/294). For more details on the Regulation, see also Frequently Asked Questions MEMO/03/140.

Commission President Romano Prodi welcomed this development: "The advantages of the single currency should benefit everyone: that is the aim of the Regulation. Since July 2002 our citizens have been able to withdraw cash and make bank card purchases throughout the euro area without incurring extra costs in comparison with what they would pay in their own country. Now they will also be able to make bank transfers in euros to other countries without losing money through excessive charges. With the creation of the single payments area, the benefits of European integration can be seen in daily life."

Single Market Commissioner Frits Bolkestein added: "This Regulation is essential for the efficient functioning of the Single Market. When goods or services are sold across a border, payments cross the same border in the opposite direction. If the cross-border payment generates extra costs, the Single Market is not functioning properly. The high level of charges for cross-border transfers has been a real barrier to free movement."

Payments concerned

The principle of equal charges will apply to transfers in euros of up to €12 500 made between two euro accounts within the EU.

In order to qualify for equal charges, customers must provide their bank with the beneficiary's IBAN (International Bank Account Number) and BIC (Bank Identifier Code).

From 1st July 2003, all bank statements will show the account holder's IBAN and BIC. Firms engaged in cross-border business are likewise required to indicate these particulars on their invoices. It will therefore be easier for the originator of the payment to find the necessary information.

The full text of the Regulation may be consulted at the following Internet address:

http://www.europa.eu.int/comm/internal_market/fr/finances/payment/area/index.htm


Hélène.


[Edited at 2003-09-11 15:09]


Direct link Reply with quote
 


To report site rules violations or get help, contact a site moderator:


You can also contact site staff by submitting a support request »

Charges for cross-border transfers

Advanced search







Déjà Vu X3
Try it, Love it

Find out why Déjà Vu is today the most flexible, customizable and user-friendly tool on the market. See the brand new features in action: *Completely redesigned user interface *Live Preview *Inline spell checking *Inline

More info »
CafeTran Espresso
You've never met a CAT tool this clever!

Translate faster & easier, using a sophisticated CAT tool built by a translator / developer. Accept jobs from clients who use SDL Trados, MemoQ, Wordfast & major CAT tools. Download and start using CafeTran Espresso -- for free

More info »



Forums
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search