[Article] EU payments change 'will save billions'

Ruu_Old

This could be good. From rte.ie/business

EU finance ministers have unanimously backed plans to create a single European payments market, which should allow consumers to make big savings on cross-border payments.

The plans aim to make cross-border payments by credit card, debit card, electronic bank transfer, direct debit or other means as easy, cheap and secure as payments in a single EU country.

The EU is currently covered by a patchwork of national payment rules which can lead to wide variations between the prices charged for payment services.

For example, a bank transfer that is free in one EU country can cost more that €10 in another member. The European Commission has calculated that the shake-up could save EU consumers €50-100 billion a year.

The new rules are expected to go before the European Parliament in April for a second reading.

naitkris

hopefully it will make transfers faster. i think that is the most key thing, it can take quite a while for some transfers to go through which slows down business etc.

Random

naitkris wrote:

hopefully it will make transfers faster. i think that is the most key thing, it can take quite a while for some transfers to go through which slows down business etc.

Let us sort out domestic bank transfer times first before we worry about European ones!