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European Parliament votes to abolish high costs for cross border payments within EU

The European Parliament has approved new rules to prohibit high charges on cross-currency payments within the EU.

The new rules will mean that charges for cross-border payments in the single euro payments area (SEPA) will be aligned with charges for corresponding national payments in the national currency of the Member State in which the payment service provider in question is located.  The rules also address information requirements for currency conversions at ATMs or the point of sale.

Most of the operative new rules will apply from 15 December 2019.

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Roseyna Jahangir