OREANDA-NEWS. From November 2009, pursuant to the EU Payment Services Directive banks must ensure that, when making payments in the currencies of EU Member States and Norway, Lichtenstein and Iceland to these countries, the payer’s bank shall debit fees from the payer’s account and the payee’s bank shall debit fees from the payee’s account, reported the press-centre of Ukio Bankas. 

Intermediary banks of these countries will be obliged to transfer a full amount and apply fees to the payer’s and payee’s banks. In addition, pursuant to the EU Payment Services Directive, clients must be provided with accurate information on the fees being applied (including those of intermediaries) for payments being executed.

On the basis of the aforementioned provisions, when funds are sent to the EU Member States, Norway, Lichtenstein and Iceland in the currencies of those countries, Ukio bankas client will cover the fees of Ukio bankas and intermediary banks, and the client of the payee’s bank will cover the fees of the payee’s bank. Advance fixed fees of foreign banks are set in Ukio bankas for all outgoing transfers in foreign currency, which are applied for transfer execution and debited upon presenting a payment order. Later, no additional fees for payment order execution will be debited from the client’s account even in the cases when intermediary banks apply higher fees to the payer than those debited from client’s account with Ukio bankas.

Ukio bankas adjusted its fees with the aim to reduce clients’ costs for international payments. The Bank hopes that better conditions of international payment execution will encourage clients to more actively use Ukio bankas services.