Credit transfers
Credit transfers account for a substantial part of the
volume and value of cross-border payments. By establishing transparency
obligations, minimum standards regarding execution time and a money-back
guarantee in case a transfer gets lost, and by introducing the rule of
equal charging for domestic and cross-border payments, the Community
aims at ensuring that funds can be transferred from one part of the
Community to another rapidly, reliably and at reasonable cost.
Legislation
-
Directive 97/5/EC
of the European Parliament and of the Council of 27 January 1997 on cross-border credit transfers,
OJ L 43 of 14.2.1997, p. 25-30
- Regulation (EC) No 2560/2001 of the European Parliament
and of the Council of 19 December 2001 on cross-border payments in euro,
OJ L 344 of 28.12.2001, p. 13-16
Guide on cross-border credit transfers in euro
- How to make your transfers faster,
cheaper and more reliable with
IBAN
and BIC
           
-
Read more on the EuropeDirect freephone number
Studies
- Study on the verification of a Common and Coherent
Application of Directive 97/5/EC on Cross-Border Credit Transfers in
the 15 Member States - Transfer exercise
-
Key findings of the study,
MEMO/01/294
- Full report
- List of Banks used in the Transfer Exercise
- Annexes (A, B)
Figure 54 - Total time per transfer
Figure 55 - Total cost per transfer
Figure 56 - Sender cost per transfer
Figure 57 - Foreign exchange loss per transfer
Figure 58 - Receiver deductions per transfer
- Survey on banks costs (23.5.2000)
Summary of the
survey's results,
MEMO/00/26
Frequently asked questions
-
Cross-border transfers in euro as from 1 July 2003,
MEMO/03/140
Press releases
| 26.6.2003 |
EU Regulation
aligns charges for cross-border transfers in euro,
IP/03/901 |
| 15.11.2001 |
Commission welcomes Parliament’s support for proposal on
cross-border payments in euro,
IP/01/1595 |
| 20.9.2001 |
New Commission study confirms
persistent high charges,
IP/01/1293
|
| 23.5.2000 |
Commission urges banks and Member States
to cut costs,
IP/00/505
|
| 4.2.2000 |
Commission urges banks
to improve cross-frontier payment systems
|
National Complaint Boards
|
