Commission wants cheap euro transfers everywhere in the Union and fairer currency conversions

The European Commission wants to make cross-border payments in euro cheaper across the entire EU. Under current rules, there is no difference for euro area residents or businesses if they carry out euro transactions in their own country or with another euro area Member State. Under the Commission’s proposal, all intra-EU cross-border payments in euro outside the euro area would be priced the same – with small or zero fees – as domestic payments in the local official currency. The Commission also wants to bring more transparency and competition to currency conversion services.

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