Financial transactions with other EU countries

Rules

Under the Regulations:

• Banks are required to charge the same price for cross-border transfers and domestic transfers
• Consumers must be advised in advance of charges for national and cross-border financial transactions.
• Consumers may have to use either the International Bank Account Number (IBAN) of the person or the company where the money is going to be sent to and the Bank Identifier Code (BIC) of the beneficiary's institutions to ensure the transaction takes effect.

These Regulations have been in effect since July 2002 for electronic payments such as withdrawals from cash machines up to €12,500 and the use of bank cards (credit and debit cards) for national and cross-border transactions up to €12,500. The Regulations have been in effect since July 2003 for credit transfers between bank accounts for national and cross-border transactions up to €12,500.

From January 2006, the Regulations will apply to withdrawals of €50,000 for bank card transactions, credit transfers and ATM withdrawals.

The Regulations will not apply to cheque transactions.