March 15, 2017 / 4:14 PM / 3 years ago

EU Commission plans cutting fees on EU currencies payments

BRUSSELS (Reuters) - The European Commission will propose by the end of the year new rules to cut retail transaction fees for payments in European Union currencies, according to a document seen by Reuters.

Transaction charges in the 19-country euro zone are already subject to rules enforcing equal prices for payments within one country and those in other euro zone states. But fees for other EU currencies, such as the British pound or Polish zloty, are not regulated.

The EU executive intends to bring down charges in non-euro countries by proposing an extension of rules on payments already applied to euro zone states, a document expected to be formally adopted by the Commission next week showed.

The draft version of the “Consumer finance action plan” said the Commission will also consider by the first half of next year measures to increase the transparency of conversion rates for consumers using payment cards or withdrawing money in foreign EU countries, in a bid to bring down costs for shoppers.

Reporting by Francesco Guarascio; Editing by Alastair Macdonald

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