16 Mar 2017

EC Proposal To Cut The Bank Transaction Fees

New rules of cutting bank transaction fees for payments in the EU are being proposed by the European Commission (EC). The proposal is expected to be validated by the end of the year. Currently, 19 countries in the Eurozone apply the rules enforcing equal prices for payments within one country and the other Eurozone countries. However, EU countries out of the Eurozone such as the UK, Hungary, Bulgaria, Poland have no regulations over the imposed bank fees.

The proposal of the EC aims to decrease the transaction charges in the banks in the non-euro states by applying the same rule as the other 19 countries. It is called “Consumer finance plan” and it will be formally accepted by the EC next week.

According to EC representatives, an additional part of the programme will be developed in the first half of the next year. This second part will include measures to increase the transparency while clients are using their cards to withdraw money in both non-euro and non-EU countries. The proposal aims to reduce the cost for shoppers, particularly when they travel abroad.