MPs support lower bank fees for euro cross-border payments

Zagreb - Members of Parliament on Wednesday welcomed a decrease in fees domestic banks charge for cross-border payments in euros, as proposed by amendments to the law on the implementation of EU regulations relating to payment transactions.

An EU regulation equates fees for cross-border euro payments with fees for comparable national payments in the currency of an EU member-state so as to remove the inequality that exists in cross-border euro payments between users of payment services in euro area member states and those in countries outside of the euro area, said the State Secretary at the Finance Ministry, Zdravko Zrinušić.

According to existing bank price lists, when making online payment clients pay between a minimum HRK 30 and 1% of the transaction amount, that is a minimum HRK 100 and a maximum 500 or 0.5% of the transaction amount, with the maximum such amount being HRK 740 (€100).

Social Democrat Boris Lalovac said banks earned HRK 3.3 billion annually from fees and commissions.

MPs also supported proposed amendments to the Capital Market Act which simplify and facilitate access to the capital market and raise the threshold for the publication of a prospectus for public offerings of securities.

Author: Hina