Banks To Be Fined If Charge Higher Fees For Euro Transfers Abroad

Financial institutions in Romania would be fined with 5,000 to 10,000 RON sapprox 1,400 – 2,800 EURţ if they charge higher fees for cross-border Euro transfers than for transfers made among domestic institutions.

This newly adopted Government decision brings Romanian legislation in line with EU laws.

When financial institutions charge customers for the exchange of Euro into the local currency and back, they are required to provide them with information on all exchange fees they charged prior and will charge after the deal.

The banks are also required to show on the account slip the data enabling payment, like the IBAN account number and the BIC bank identification code.