Under a new European Commission proposal, cross-border payments in euro will become as cheap as domestic payments for consumers and businesses outside the euro zone.
Under current rules, there is no difference for euro area residents or businesses if they carry out euro transactions in their own country or with another euro area Member State.
Today's proposal aims to extend this benefit to people and businesses in non-euro countries.
For example, a cross-border credit transfer in euro from Bulgaria will be priced the same as a domestic Bulgarian lev credit transfer.
This is a major change, as fees for a simple credit transfer can be exorbitant in some non-euro area member states - up to €24 for a transfer of €10.
The Commission said the new proposal will allow all consumers and businesses to fully reap the benefits of the Single Market when they send money, withdraw cash or pay abroad.
All intra-EU cross-border payments in euro outside the euro area will now be priced the same - with small or zero fees - as domestic payments in the local official currency.
The Commission also wants to bring more transparency and competition to currency conversion services when consumers are buying goods or services in a different currency than their own.
