As from tomorrow, thanks to the coming into force of new EU cross-border payment regulations, European customers should pay no more to withdraw euros from cash machines or make card payments in euros in other EU member states than they pay for the same service in their own country.

It also means that once Malta joins the EU, Maltese withdrawing euros from cash machines or making card payments in euros in other EU member states would benefit from these new regulations. The decision means that if an Italian withdraws euros from a cash machine in Paris, he would pay as much as he pays for the same service in his country.

The EU regulations stipulate that as from tomorrow, charges for withdrawals in euros from cash machines must be the same whether the customer uses a machine in the country where they hold their bank account or a machine in another member state. Currently the average cost of withdrawing g1,000 in another member state is 140, while the cost of the same transaction within the country where the account is based is minimal.

Also as from tomorrow, charges for the use of credit and payments cards (for payments in euros up to €12,500) must be the same whether payments are made in the country where the card is issued or in another member state. That will make it cheaper for people to buy goods and services when they travel to other member states.