It’s about to get cheaper to send and receive euros in certain EU/EEA countries

BEUC NEWS - 05.12.2019

As of 15 December, people living in non-euro-using countries in the EU and EEA (European Economic Area) [1] will save money when they transfer or make payments in euros to and from another country in the EU and EEA. A new EU regulation comes into force which will push down the fees of intra-EU and intra-EEA transactions in euros.


The changes will benefit people who live in non-euro-using countries (Bulgaria, Croatia, the Czech Republic, Denmark, Hungary, Iceland, Liechtenstein, Norway, Poland, Romania, Sweden) and who make transactions in euros with either euro-using or non-euro-using countries. Transferring euros across a border involving at least one non-euro-using country often involves highly expensive fees. For example, a transaction in euros from a non-euro area Member State (e.g. Bulgaria) to a euro-area Member State (e.g. Finland) is currently priced at between €15 and €24, even if the amount transferred from Bulgaria is only €10.

The regulation will now bring these fees in line with fees for the equivalent transaction of a national payment in the local currency. It means that a Polish consumer sending euros abroad will pay the same fee as for a credit transfer in zloty inside Poland. And a consumer living in Belgium who sends euros to an account in euros in Poland will not pay fees for sending them, while the beneficiary of the payment will pay the same fee as for receiving a credit transfer in Zlotys within Poland.  If the consumer only has a zloty account in Poland the receiving bank can ask for conversion fees. It is an incentive for all migrant workers to open an account in euro in their country of origin and brings consumers closer to a Single Market for payments.

For a complete overview of the situations where people will save money in cross-border transactions, click .


[1] All EU countries are members of the EEA. The EEA countries which are not part of the EU are Iceland, Liechtenstein and Norway.