Commission takes aim at EU-wide currency exchange costs

Commission takes aim at EU-wide currency exchange costs

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.

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