Commission takes aim at EU-wide currency exchange costs
25 July 2017 | 8269 views | 0
The European Commission is planning a crackdown on the high costs associated with cross-border currency transfers in and out of the euro.
The Commission is launching a public consultation on ways to reduce the costs of cross-border payments within the European Union with the aim of eliminating "charging practices that are not favourable to consumers".
Commission vice president Valdis Dombrovskis, says: "Euro transactions in the euro area are usually priced very low, but this is not always the case with cross-border transactions made in other Member States' currencies or outside the euro area. I want to make sure that all Europeans pay less when transferring money abroad or taking money out of cash machines during their holidays - no matter which currency they use or where they are in the EU."
The consultation, which will run until the end of October, will seek to gather views from a broad range of interested parties says Dombrovskis, and will include a separate questionnaire geared to consumers.