Throughout the EU, we will cheaper to choose pensions and pay

The European Parliament finally approved the creation of a single European payments area. Since the beginning of this year, it has been gradually becoming cheaper for financial services throughout the EU. What will this step bring to Europeans?

On the agenda of the plenary session of the European Parliament, which is currently taking place in Strasbourg, there was a discussion and voting on new regulations for the simplification of cashless payments in Europe. Its goal is to create a single payment market by 2010. The result is the approval of the directive, its validity does not require the consent of member states. At the end of the year, the new ones were consecrated. The individual member states of the EU now have until November 2009 and to transpose the adopted directive into national legislation.

What is SEPA
The European Commission and the European Central Bank issued a joint statement addressing the need to create a Single European Payment Area (SEPA) in May 2006. According to it, SEPA should be an integrated market for payment services characterized by different competition and differences between cross-border and internal payments. Only after SEPA becomes a reality, according to the amended statement, it is possible to talk about the completion of the introduction of the euro as the single currency of the euro area.

Foreign payments and foreign ATM withdrawals will be cheaper
The decision of the European Parliament will bring the biggest change in our country in the much criticized area of ​​bank fees. Today, the standard fee for a cashless pension transfer is at a minimum of around CZK 200 for a single payment. The exception is not for payments that do not meet the criteria of the so-called European payment (according to Nazen 2560/2001 / EC on cross-border payments in EUR, must include: IBAN of the payee, BIC of the payee, transfer value max. 50,000 EUR and fee with SHA disposition) from a fixed volume. After the introduction of SEPA in life, such a transaction should be worth as much as is possible at domestic transfers. We are talking about hundreds of incomparable prices for domestic bank transfers around 5 crowns.

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A similar effect should occur in the near future for payment cards. If you decide to travel to one of the EU countries today and withdraw cash from an ATM during your stay, you and, with some exceptions (eg Holiday Card from Volksbank with a collection of 29 crowns per item), have a fee of about 25 and 100 crowns and again with a percentage winding (usually 0.5 1% of the selected feed). According to the new regulations of the directive, even these fees should not be deducted from domestic ones.

The European Union, with the fact that SEPA accounts for 490 million consumers and a company of about 50 billion euros, ie 1.4 trillion crowns.

SEPA will bring and put together
In addition to cheaper payments, thanks to the single payment market, bank transfers should be accelerated. Today, the deadline for payments abroad is six days, the new one should be shortened to one day from the order.

In addition, Europeans will be able to pay collections and castle vouchers (eg elephants) from a single account in all states of the union. Therefore, it will not be necessary to arrange a new network when working abroad, in which a single chain will “go”. With one payment card, a European should also be able to pay anywhere in the 27 EU member states.

The single payment market should also be endangered by profit, but also to a certain extent, for so-called non-banking entities. Companies that provide installment sales (eg Cetelem, Home Credit, etc.) will be able to do business abroad without any problems. It will also apply to the Czech market, which could be marketed by new companies from abroad on the Czech market of non-banking entities.

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