Study confirms high charges for cross border payments

According to a new study conducted for the Commission, banks and credit institutions in the EU still charge excessive fees for cross-border credit transfers within the EU. The European Banking Federation says that its research shows results contrary to those of the Commission.

Internal market Commissioner Frits Bolkesteinis disappointed about the results of the survey which shows that there is still too much unauthorised double charging. Moreover, the fact that the level of charges has hardly changed since a similar survey in 1993 "clearly demonstrates that the Commission has no alternative to proposing legislation to require banks to levy the same charges for cross-border and domestic payments."

A spokesperson of theEuropean Banking Federation (EBF)told EURACTIV.com that a similar study performed by EBF showed very different results. The EBF spokesperson stated that the study presented by the Commission is biased as for instance samples from different EU Member States are not weighed for the number of transactions in a country.

 

The Commission recently launched a proposal for a regulation on cross-border payments in euro which will oblige banks in all Member States to levy the same charges for cross-border and domestic payments. This action is part of the Commission's Financial Services Action Plan.

 

 

  • The Commission has organised a conference on payments in euros in the internal market for 24 September 2001. The EBF will use this occasion to give its official reaction to the Commission study.
  • The Council and the Parliament will discuss the proposal on cross-border payments in euro during the autumn of 2001.

 

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