As from 1 July 2003, cross-border bank transfers in euros within the EU will cost the same as domestic transfers. This measure is being introduced in accordance with the Regulation on cross-border payments in euros, which establishes the principle of equal charges for domestic and cross-border payments. The rule came into force in July 2002 for bank card payments and withdrawals from cash machines and will now apply from 1 July 2003 onwards to bank transfers.
The principle of equal charges will apply to transfers in euros of up to 12500 made between two euro accounts within the EU.
In order to qualify for equal charges, customers must provide their bank with the beneficiary's IBAN (International Bank Account Number) and BIC (Bank Identifier Code).
From 1st July 2003, all bank statements will show the account holder's IBAN and BIC. Firms engaged in cross-border business are likewise required to indicate these particulars on their invoices. It will therefore be easier for the originator of the payment to find the necessary information.
Commission press release
© European Commission
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