European Money Transfers

[Benjamin]

This is a snippet taken from a news item on the Reuters web site. There is not a lot of detail as it was in the middle of an article on European banks creating a rival to debit cards from Mastercard and Visa but it may hold out some hope for those who need to frequently transfer funds. When it may come into operation is anybody's guess. [:D]

The European Union has just adopted new rules to create a single

euro payments area for the bloc's 490 million consumers to make or

receive national or cross-border payments in all EU currencies from a

single bank account.

The aim is to have one EU-wide payments

system using common technical standards so that existing banks and new

payment institutions can compete to cut costs for consumers.