New: Virement européen

[Clair]

The first step in harmonising bank accounts Europe-wide...

According to the article, within three years, we should only need a single bak account anywhere in Europe to pay by cheque, credit card or transfer...

original article in French: http://info.france2.fr/europe/38949939-fr.php

(unchecked) google translation: http://www.google.com/translate?u=http%3A%2F%2Finfo.france2.fr%2Feurope%2F38949939-fr.php&langpair=fr%7Cen&hl=en&ie=UTF8

[cooperlola]

Coo.  This will be fun!  Hopefully good when it's done, but it will be complicated with all those different currencies involved....  No doubt the financial types will have a view.

[Caussenarde]

Hi Coops

No different currencies will be involved cos the E in SEPA stands for Euros...it is a Euro payment platform.  See below  from the FT:

SEPA, a private sector initiative by the banking industry but heavily

backed by the Commission and the European Central Bank, aims to make

euro payments across borders - whether by credit transfer, direct

debit, or credit/debit card - as straightforward as domestic payments

through the introduction common payment protocols and systems.

The Times says

From today, companies and consumers will be able to make and receive

cross-border transfers in euros on the same terms as domestic

transactions as the European Union takes another step towards removing

national barriers.

The arrival of the Single Euro Payments Area

(Sepa) is seen as a logical extension of the creation of the EU’s

single market and single currency.

So those still determined to remain in the backwoods, the Pounds Sterling world for example, can only involve SEPA via payments in Euros.[:(]

[cooperlola]

Thanks,  Caussenarde. That explains it!

[Eos]

They'd need to get a move on if they intend including cheques. Aren't they being phased out across Europe?

[andyh4]

Nope

 

not being phased out - already gone in Germany

 

 

[Pierre ZFP]

Gone in Luxembourg too since years past - and good riddence to them.

[Deimos]

[quote user="Eos"]They'd need to get a move on if they intend including cheques. Aren't they being phased out across Europe?[/quote]

I'm probably miles behind the times here but I cannot see how they could phase out cheques in France in the foreseeable future.  They seem well established and quite a lot of people don't have CB cards and prefer to use cheques anyway.  In my local supermarket probably as many people pay by cheque as by card.

I don't tend to use cheques much but do you have to pay for cheques like you pay for your CB card ? (might be a reason so many people don't have CB cards ?)

Ian

[Eos]

My parents, who live in Ireland, have their pensions electronically transferred into their bank account. I seem to recall, amidst the bumpf that came with letter confirming this for them that over the past five years there has been a drop in cheque writing by a large percentage, something like 35% as debit and credit cards flourish. Not to mention internet transactions. As retail banking needs to streamline and be more cost effective, it seems this is one of the ways forward.

I don't use a cheque book at all but, again referencing my parents, they have now got one as it's free for OAPs so there must be a charge there anyway.

[allanb]

The sooner they phase out cheques the better.  However, it won't be enough to equip everyone with a CB for use in shops - you still need a way of paying invoices etc that arrive by mail.   It shouldn't be too difficult for the French banks to adopt the virement system, and as far as I can see it has absolutely no disadvantages, although it may take some time for people to get used to the idea of publishing their bank details.

[ams]

Things tend to change slowely in france. today i was in our bank looking for a competitive interest rate quote for a deposit. The best i could get was 4.28% gross. I pointed out that Anglo irish bank was offering 5% with access to 20% of the capital, the banker explained that french people rarely look to other countries for better rates. !!!!!!!!

In ireland the last budget increased the stamp duty on cheques and reduced the duty on CB or debit cards as a means of getting rid of cheques.

ams

[allanb]

Well, I can only repeat what I said.  You will never get rid of cheques until there is an alternative way of paying bills.  Making CBs cheaper won't do it.

[suein56]

[quote user="allanb"] You will never get rid of cheques until there is an alternative way of paying bills.  [/quote]

Having had reason to pay a bill to the Municipal Treasury this week for tests undergone by my OH in the local hospital there was a choice of 2 methods of payment: cash in person at the Treasury or cheque either personally deposited or posted. No other option offered.

Sue

[Benjamin]

Which I think, Sue, goes back to what I was saying a few weeks ago when trying to pay one of our taxes online: a debit card was not an option.

 

[Chancer]

I have just returned my carte bleu as I never used it and also it wasnt accepted for many bills as stated above, I now get free banking so to answer a previous question: cheques are free and can be used everywhere, carte bleu's cost and cannot!

[suein56]

[quote user="J.R."]... so to answer a previous question: cheques are free and can be used everywhere, carte bleu's cost and cannot![/quote]

Agree about the cheques are free part but unfortunately lots of places no longer accept cheques due to 'fraudulant misuse' ... and those that do often require at least 1 piece of identity.

Sue

[allanb]

So: roll on virements!