European Commission cuts cost of cross-border payments

European Commission cuts cost of cross-border payments
Tags: Bank / Credit Union, North America, Other, Transaction Processing, Trends / Statistics
January 17, 2007

ePaynews: European consumers have seen a big drop when it comes to what they pay for cross-border money transfers and using their ATM/debit cards across Euro-zone borders.

In a report by the European Commission, which since 2001 has been enforcing regulation to equalize the cost of cross-border and domestic-banking transactions, the cost of an average €100 (U.S. $130) cross-border transfer has fallen from €24 (U.S. $31) to €2.50 (U.S. $3.24). Other fees, for credit and cards and foreign ATM transactions, have continued to rise.