Under EU law, if you make cross-border payments of up to €50,000 within the EU, you will not pay more than the cost of a national transaction.

Source: Your Europe – Personal finance: Day-to-day banking

Charges for international payments within the EU

If you make a cross-border payment within the EU, banks should provide clear information on any charges or fees applicable.

If the payment is in euros or Swedish krona, they should not charge you more than they would for a national transaction of the same value in euros.

This rule applies to all electronically processed payments, including:

• transfers between bank accounts in different EU countries
• withdrawals from cash machines/ATMs in EU countries
• payments by debit or credit card across the EU
• direct debit transactions
• money remittances.

Even banks based in EU countries outside the euro area must apply this rule.

Processing time for electronic payments and transfers

Your electronic payments within the EU should be received within 1 working day.

The European Union / Your Europe Personal Finance FAQ

The European Union / Your Europe website contains the following frequently asked questions:

• Q) How much will I be charged if I transfer money from my account to an account in another EU country?
  You cannot be charged more for transferring money to an account in another EU country than you would be for a transfer between two accounts in your own country. Charges for different payments do vary between institutions. The only legal requirement is that the charge for a transfer to another EU country must not be more than the domestic charge for the same type of transfer (provided the amount transferred is less than 50 000 euros).
• Q) I withdrew 100 pounds from an ATM in the United Kingdom while on holiday there. My latest bank statement shows that I was charged for that withdrawal. Is that legal?
  YES – If you withdraw a currency other than euros, the banks involved in the transaction may charge you.
  When you withdraw euros in another EU country, the bank cannot charge more than it would if you were making these transactions in your own country.
• Q) What charges will I pay when I use an ATM abroad?
  If you have a bank account denominated in euros and use an ATM to take out euros in another EU country, you will not pay any more than you would to take out money in your home country. If you take out non-euro currency (Danish kroner, British pounds, etc.) from an ATM, you will have to pay extra charges.

For further information please visit Your Europe – Personal finance

Cross-border issues

International payments in currencies other than the euro are not subject to the above provisions.

Banks in EU countries which do not use the euro (i.e. Northern Ireland)  must also charge the same fees for transactions in the EU as they would for a domestic transfer, if the payment or transfer is made in euros.

For information on fees and charges for typical cross-border banking transactions please visit – Border People – Cross Border Personal Banking

See also:

• Competition and Consumer Protection Commission – Your money
• The Money Advice Service (UK)

Page last checked: September 2017

This webpage is for general information purposes only and while we endeavour to keep it up-to-date, errors may occur.  It is very important that you check with the relevant body to ensure the information is current and is applicable to your situation.

If you would like to suggest amendments or highlight new information that could be useful to others please don’t hesitate to get in touch.

This webpage is for general information purposes only and while we endeavour to keep it up-to-date, errors may occur. It is very important that you check with the relevant body to ensure the information is current and is applicable to your situation.

If you would like to suggest amendments or highlight new information that could be useful to others please don’t hesitate to get in touch.