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Health and Consumer Protection

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Brussels, 18 May 2001

Euro-zone bank charges too high, says Consumer Commissioner, David Byrne

Speaking to consumer groups in Berlin today, EU Commissioner David Byrne condemned the high level of charges imposed by banks for transferring small amounts of money within the EU.Referring to studies undertaken by the European Commission, Byrne said that it was incredible that with the sophisticated telematic links throughout the EU a consumer will still be charged by the banks an average of 17% to send money from one Member State to another. "It is an exorbitant amount" said Byrne.

Byrne added he was astonished to learn that after the introduction of the Euro in January 2002 the banks were proposing to charge over ten times the domestic rate to their customers who wished to send Euros from one Member State to another. He called on the banks to do more to reduce these charges. He said that he did not believe the banks were doing enough to bring the amount charged down to a level more in line with domestic transfers. "With the greater integration of banking services throughout the EU and the increasing automation of transactions I am convinced that banks could do more." said Byrne.

Released on 18/05/2001

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FOOD SAFETY | PUBLIC HEALTH | CONSUMER PROTECTION | DIRECTORATE GENERAL "HEALTH & CONSUMER PROTECTION"

 
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