Regulation (EU) 2019/518 amending Regulation (EC) No 924/2009 as regards certain charges on cross-border payments in the Union and currency conversion charges

Summary:

Regulation of the European Parliament and of the Council of 19 March 2019 amending Regulation (EC) No 924/2009 on cross-border payments in order to extend its purpose to non-Euro countries.

Further information:

Consumers and businesses of the Eurozone are able to benefit from very low fees for cross-border payments in the common currency thanks to the introduction of Regulation (EC) No 2560/2001, also known as the Cross-Border Payments Regulation. Regulation (EC) No 924/2009 further determines that there is no difference for Eurozone citizens and businesses, whether they carry out Euro transactions in their own countries or with another country in the Euro area.

In March 2017, the European Commission published an Action Plan aimed at strengthening the single market for consumer financial services. Ahead of any legislative initiatives, a public consultation was launched later in the year to gather views on the best way forward to complete the objective of reducing the cost of cross-border payments in the EU.

In March 2018, the Commission proposed that all intra-EU cross-border payments in Euro should be priced the same - with small or zero fees - as domestic payments in the local official currency. The proposal also aimed to bring more transparency and competition to currency conversion services when consumers are buying goods in a different currency than their own.

The Council of the European Union adopted its general approach on 27 June 2018, followed by the European Parliament's relevant committee on 5 November. An informal agreement between the co-legislators was reached on 11 December. The Parliament endorsed the compromise text on 14 February 2019, followed by the Council on 4 March. The adopted act was published in the Official Journal on 29 March 2019. Most of provisions became applicable as of 16 December 2019.

• Primary Source

• Alternative Source

News

Politico, 27/03/2018: Commission to propose cheaper cross-border payments for consumers https://www.politico.eu/article/european-commission-to-propose-cheaper-euro-cross-border-payments-for-consumers-eurozone/

Reuters, 28/03/2018: EU proposes lower fees for bank payments, currency conversion https://uk.reuters.com/article/idUKKBN1H41VV

Times of Malta, 28/03/2018: Cheap euro transfers across EU move a step closer to reality https://www.timesofmalta.com/articles/view/20180328/business/cheap-euro-transfers-across-eu-move-a-step-closer-to-reality.674778

RTÉ News, 28/03/2018: European Commission proposes cheap euro transfers https://www.rte.ie/news/business/2018/0328/950661-cross-border-euro-payments/

EurActiv, 28/03/2018: Consumers hail proposal to limit transaction costs in EU https://www.euractiv.com/section/economy-jobs/news/consumers-hail-proposal-to-limit-transaction-costs-in-eu/

The Sofia Globe, 04/03/2019: EU moves to reduce costs of cross-border payments in euro https://sofiaglobe.com/2019/03/04/eu-moves-to-reduce-costs-of-cross-border-payments-in-euro/

---

Official

EUR-Lex: COM(2018)163: Proposal for a Regulation amending Regulation (EC) No 924/2009 as regards certain charges on cross-border payments in the Union and currency conversion charges https://eur-lex.europa.eu/legal-content/EN/HIS/?uri=COM:2018:163:FIN

EUR-Lex: SWD(2018)84: Impact Assessment accompanying COM(2018)163 https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=SWD:2018:084:FIN

EUR-Lex: SWD(2018)85: Executive summary of the Impact Assessment accompanying COM(2018)163 https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=SWD:2018:085:FIN

European Parliament: Legislative Observatory: Procedure File for Proposal on charges on cross-border payments in the Union and currency conversion charges https://oeil.secure.europarl.europa.eu/oeil/popups/ficheprocedure.do?reference=2018/0076(COD)&l=en

EP: Legislative Train: Review of charges on cross-border payments in the Union and currency conversion charges http://www.europarl.europa.eu/legislative-train/theme-deeper-and-fairer-internal-market-with-a-strengthened-industrial-base-financial-services/file-review-of-cross-border-payments

European Commission: Press Release, 28/03/2018: A better deal for consumers: Cheap euro transfers everywhere in the Union and fairer currency conversions https://ec.europa.eu/commission/presscorner/detail/en/IP_18_2423

European Commission: Fact Sheet, 28/03/2018: Cross-border payments [Q&A] https://ec.europa.eu/commission/presscorner/detail/en/MEMO_18_2424

European Commission: Publications: Commission proposal for cheaper euro transfers and fairer currency conversions https://ec.europa.eu/info/publications/180328-proposal-cross-border-payments

European Commission: Read-out of the College meeting and press conference by Vice-President Dombrovskis on the Commission's proposal for cheaper cross-border pay https://ec.europa.eu/commission/presscorner/detail/en/SPEECH_18_2681

Council of the European Union: Press Release, 27/06/2018: Cheaper euro transfers: Council agrees its negotiating stance https://www.consilium.europa.eu/en/press/press-releases/2018/06/27/cheaper-euro-transfers-council-agrees-its-negotiating-stance/

Council of the European Union: Press Release, 19/12/2018: Payments in the EU: Council confirms political agreement to reduce charges and increase transparency https://www.consilium.europa.eu/en/press/press-releases/2018/12/19/payments-in-the-eu-council-confirms-political-agreement-to-reduce-charges-and-increase-transparency/

European Parliament: Press Release, 14/02/2019: EU cross-border payments outside Eurozone: MEPs scrap excessive fees http://www.europarl.europa.eu/news/en/press-room/20190207IPR25223/

Council of the European Union: Press Release, 04/03/2019: Payments in the EU: reform on reducing charges and increasing transparency adopted https://www.consilium.europa.eu/en/press/press-releases/2019/03/04/payments-in-the-eu-reform-on-reducing-charges-and-increasing-transparency-adopted/

European Commission: Press Release, 16/12/2019: Consumers and businesses to save money thanks to new EU cross-border payments rules https://ec.europa.eu/commission/presscorner/detail/en/ip_19_6761

---