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...

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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