The European Parliament on 13 December adopted, without amendments, the Regulation that states that charges for transactions in euros within the EU should be the same across borders as within a single Member State.
Under the Regulation:
- 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;
- From 1 July 2003, the charges for credit transfers in euro (up to 12,500 euro) between bank accounts must be the same for both national and cross-border transactions;
- Customers must be informed in advance of charges and changes to those prices to make national and cross-border payments;
- Use of the ISO standard codes becomes mandatory, in order to allow banks to process credit transfers in a fully automated way;
- Banks will no longer need to declare to the authorities any payment below 12,500 euro;
- Payments in non-euro currencies will also be subject to the Regulation if the Member States where those currencies are used notify the Commission that they want the rules to apply.