Press Release: Cross-border euro payments now significantly cheaper

EU rules on how banks should charge for cross-border euro payments have brought about significant savings for consumers, without leading to an increase in charges for domestic transfers, according to a European Commission report. A €100 cross-border transfer, which would have cost on average €24 before the rules were introduced, now costs on average €2.50. The rules have also provided banks with an incentive to develop and invest more in an EU-wide payments infrastructure, which in the longer term should help to reduce costs for all consumers.