EU Rules Set to Make Cross Border Payments Cheaper

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“The new rules, which affect member states of the bloc which do not use the euro as their currency, will specify that the cost of cross border payments made using the single currency will not cost any more than domestic payments would. The development will be followed up by a move in April of next year to ensure that consumers have the resources to cross-compare the charges they will face when making international money transfer payments on cards. A range of major European economies fall into this category, and hence will be affected by the change. The UK, which currently remains a member of the EU despite its vote to leave, is one of these economies. Others on the list of affected nations include Denmark, Bulgaria, Iceland and Hungary.”