Stefan Engelbert, Pembroke.
Bank commission on euro transfers
Much has been said about the introduction of the euro and SEPA (Single European Payment Area). One main argument was that we no longer need to convert from one currency to another, thus saving fees and becoming more competitive on the international markets.
I recently got an inbound IBAN transfer in euro and was charged an extra cost by a local bank in commission for receiving the money. Full bank charges were paid by the other European bank executing the transfer.
The IBAN directive states that IBAN transactions must not cost more than national transfers, I urge the authorities to look into the matter.
Regulation (EC) No 2560/2001 of the European Parliament and the Council of December 19, 2001, affirms that: "As with effect from January 1, 2006, charges levied by an institution in respect of cross-border credit transfers in euro up to €50,000 shall be the same as the charges levied by the same institution in respect of corresponding credit transfers in euros transacted within the member state in which the establishment of that institution executing the cross-border transfer is located."
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Stefan Engelbert
Apr 1st 2008, 11:38
Please have a look also at http://www.timesofmalta.com/articles/view/20080401/letters/bank-charges
Thomas Buhagiar
Feb 11th 2008, 18:38
If I read this article right the banks should pay us back all commissions paid on EuroEuro transfers since the regulation started.
That means from 2001 or at least from the day of EU membership.
Please correct me if I am wrong!
Frank Micallef
Feb 11th 2008, 18:18
Thank you very much for this great article! BOV right away stopped charging commissions on euro euro transfers. HSBC on the other hand just continues to charge those commissions! Vote with your feet! The customer is the king...
Mark Grima
Jan 14th 2008, 15:46
True, the bank replied by saying that they charge the same fee for a local transfer so seems they raised the price, thus, a local transfer won't be cheaper than a cross-border one - this way they comply to the regulation - I contacted the European Central Bank and SOLVIT and they are investigating.
Joseph Micallef
Jan 6th 2008, 15:52
True! The same happend to me last week. I wonder, who monitors the banks during the changeover. I called 134 and they told me that they are not responsible for banks!
Michael Vella
Jan 6th 2008, 12:28
Yes,
happend to me as well. It seems we only changed the coins and the rest remained the same.