EU could reduce retail fees on cross-border transactions within the European Union involving currencies other than the euro, according to draft regulations. Fees for such currencies are usually "very high" and "well above the level for national transactions in non-euro currencies", said the commission in a statement. If the legislation is approved, The European Commission banks that profit from the fees would be hit. The same regulations also propose making currency conversion rates for The European Commission consumers clearer, making it easier for customers to switch between retail financial services and to get a loan in a foreign The European Commission country.
The European Commission could reduce retail fees on cross-border transactions within the European Union involving currencies other than the euro, according to draft regulations. Fees for such currencies are usually "very high" and "well above the level for national transactions in non-euro currencies", said the commission in a statement. If the legislation is approved, EU banks that profit from the fees would be hit. The same regulations also propose making currency conversion rates for EU consumers clearer, making it easier for customers to switch between retail financial services and to get a loan in a foreign EU country.