Less costs for cash withdrawals abroard from 1 July

From 1 July 2002, the cost of euro cash withdrawals in other Member States should be the same as in the home Member State as the Regulation on cross-border payments in euros enters into force.

The Regulation on cross-border payments in euros specifies that from 1 July 2002, charges for withdrawals in euro from cash machines and the use of bank cards (up to 12,500 euro) must be the same for both national and cross-border transactions (seeEURACTIV 14 December 2001). This means charges for withdrawals in euros from cash machines must be the same whether the customer uses a machine in the country where they hold their bank account or a machine in another Member State in the eurozone. Also from 1 July 2002, charges for the use of credit and payment cards (for payments in euros of up to 12,500 euro), must be the same whether payments are made in the country where the card is issued or in another Member State.

The Commission launched the proposal for a regulation on cross-border payments in euro in July 2001. This action is part of the Commission's Financial Services Action Plan. The Commission is to report to the Council and Parliament in July 2004 on trends in charges for domestic payment transactions.

 

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