Cross-border payments in euros
Payment transactions (particularly involving banks) conducted in a Member State or between two Member States shall be subject to the same charges. The Regulation concerns all electronic payment transactions, including credit transfers, direct debits, withdrawals from automatic teller machines, payments by debit and credit cards, as well as funds transfers.
Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001 (Text with EEA relevance).
This Regulation guarantees that national and cross-border payments made in the Community are subject to the same rules with regard to bank charges.
The payments concerned must not exceed EUR 50,000. They are to be made in euros or in the national currency of Member States wishing to apply the Regulation. Thus, following a request from Sweden, the principle of equality of charges also applies to payments made in Swedish kronor.
The Regulation shall not apply to payments made by payment service providers * for their own account or on behalf of other payment service providers. Furthermore, the Regulation shall not apply to currency conversion charges.
Equality of charges applicable to payments
Service providers shall levy identical charges for:
- cross-border payments and electronically processed payment transactions where the payer’s payment service provider and the payee's payment service provider are located in different States;
- national payments and electronically processed payment transactions where the two service providers are located in the same State.
Facilitating the automation of payments
Payment service providers shall give each client an International Bank Account Number (IBAN). They shall also communicate their Bank Identifier Code (BIC). These codes shall be indicated by clients when making cross-border transactions. Failing this, the client may be subject to additional charges. Service providers must inform their clients of the amount of additional charges before a transaction takes place.
Compliance with regulatory obligations
Member States shall designate the competent authorities responsible for ensuring compliance with this Regulation.
If there is an infringement of the provisions by service providers, service users or any interested party may submit claims to national authorities. Member States shall establish out-of-court complaint and redress procedures. They shall designate or create competent bodies.
Member States shall lay down penalties to be applied in the event of infringement.
The competent authorities and the bodies responsible for out-of-court complaint and redress procedures shall expeditiously cooperate in solving cross-border disputes.
Regulation (EC) No 2560/2001 is repealed, as from 1 November 2009.
|Act||Entry into force||Deadline for transposition in the Member States||Official Journal|
|Regulation (EC) No 924/2009||
OJ L 266 of 9.10.2009