EU starts crackdown on cross-border Euro charges

The European Commission has announced a legal crackdown on banks across Europe in response to what it calls “unacceptable” charges on customers moving money around the EU.

A new survey shows bank customers transferring even small sums across EU borders still face huge costs even between Euro-zone member states, where the single currency is supposed to end exorbitant transfer fees.

The commission is proposing a ban on all EU banks, inside and outside the Euro-zone, from levying differing charges or cross-border payments in Euros.