Categories: Moving Abroad

EU payment changes ‘will benefit international customers’

Expatriate workers transferring money across Europe may find they can do so more simply following the introduction of new legislation.

According to the European Payments Council, businesses and customers will both benefit from a new direct debit scheme.

From November 2nd, companies and individuals can make and receive payments from any of the European Union’s Single Euro Payment areas, which include all member states.

Chair of the council Gerard Hartsink said there would be "significant benefits" for those using the system, which would improve efficiency and provide cost-savings.

He explained that the current framework means that each member state has a different method for dealing with payments.

"What will change is that there will be one format for all member states for euro payments," he added.

Mr Hartskink called on public authorities across Europe to use the new system in their own transactions to encourage more widespread adoption.

Moving abroad? Get a free quote for your international medical insurance online.

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