Banks face transparency rule, fee cuts on cross-border payments in EU proposal (update*)
( March 28, 2018, 10:54 GMT | Official Statement) -- MLex Summary: Banks across the EU will be barred from charging more for handling cross-border payments in euros than they do for transactions in domestic currencies, under legislation proposed by the European Commission. The initiative has scaled back plans to apply the rules to transactions in any EU currency. The commission also proposed to require transparency in dynamic currency conversions, with the European Banking Authority to work out technical standards for how to show the comparative costs when shoppers are given a choice of currency at checkout.The text of the statement follows. Provisional versions of the legislation and impact statement* plus an explanatory memorandum and fact sheet are attached below....
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