Financial transactions with other EU countries
Information
The European Communities Regulations on Cross-Border Payments (2560/2001) apply to cross-border payments up to €12,500 within the The European Union up to January 2006. From that date on, the Regulations will apply to transactions up to €50,000.
The purpose of these Regulations is to force banks to reduce their charges for cross-border financial transactions in euro in order to make them equal to local financial transactions.
Rules
Under the Regulations:
- Banks are required to charge the same price for cross-border transfers and domestic transfers
- Consumers must be advised in advance of charges for national and cross-border financial transactions.
- Consumers may have to use either the International Bank Account Number (IBAN) of the person or the company where the money is going to be sent to and the Bank Identifier Code (BIC) of the beneficiary's institutions to ensure the transaction takes effect.
These Regulations have been in effect since July 2002 for electronic payments such as withdrawals from cash machines up to €12,500 and the use of bank cards (credit and debit cards) for national and cross-border transactions up to €12,500. The Regulations have been in effect since July 2003 for credit transfers between bank accounts for national and cross-border transactions up to €12,500.
From January 2006, the Regulations will apply to withdrawals of €50,000 for bank card transactions, credit transfers and ATM withdrawals.
The Regulations will not apply to cheque transactions.
Language
Related Documents
- Disputes with financial institutions in other EU countries
FIN-NET is a mechanism that allows unresolved cross-border disputes between you and your financial service provider to be solved quickly and easily. - Working in the EU
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Contact Us
If you have a question relating to this topic you can contact the Citizens Information Phone Service on 0761 07 4000 (Monday to Friday, 9am to 9pm) or you can visit your local Citizens Information Centre.