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. Under current rules, banks are required to charge a minimum of 0.15 percent for each euro transaction. 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.
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.