From Mr S. Engelbert

Much has been said about the introduction of the euro and the SEPA (Single European Payment Area). One main argument was that we would not need to convert from one currency to another anymore, thus saving on fees and becoming more competitive on the international markets.

Recently, I received an inbound IBAN transfer in euro and was charged an extra cost by a local bank as commission for receiving the money. Full bank charges were paid by the other European bank executing the transfer. Considering that the IBAN directive states that IBAN transactions MUST NOT cost more than national transfers I urge the authorities to look into the matter.

Regulation (EC) No 2560/2001 of the European Parliament and the Council of 19 December 2001 affirms: “As with effect from 1st January 2006, charges levied by an institution in respect of cross-border credit transfers in euro up to EUR 50000 shall be the same as the charges levied by the same institution in respect of corresponding credit transfers in euro transacted within the Member State in which the establishment of that institution executing the cross-border transfer is located.”

Stefan Engelbert

PEMBROKE