MONEY TRANSFERS

A number of you have raised EU cross-border money transfers with me. There have been cases where UK banks have levied additional charges without informing the customer.

I have raised this issue with the Commission, via a written question, to establish what obligation UK banks have in informing customers of all charges prior to the commencement of the transaction. I have also asked for clarification on the regulations governing UK banks on extra charges levied for EU transfers denominated in Euros, and what action the Commission is taking to ensure that banks adhere to such regulations.

This is also an issue for those who wish to trade within the EU market.

I am waiting to hear the Commission's response.

I recently raised a similar question on credit card charges applied within the EU. The answer from the Commission was helpful in that they agreed to take the matter up with the relevant authorities. I hope we get another good response this time.