Earlier this month, Crédit Agricole, a French international banking firm, began charging holders of British bank cards who made withdrawals at its ATMs in France €5. Meanwhile, British tourists in France have complained that the bank is charging them €18 for financial transfers.
The move, which will affect millions of people travelling from the United Kingdom to France, is expected to be replicated by other European banks as a result of the United Kingdom’s exit from the European Union.
Up until now, British people have not been charged extra costs when withdrawing and transferring money throughout the EU since the Single Euro Payments Area (SEPA) forbids Member States from charging additional fees on citizens of other EU nations.
Instead, all EU citizens, regardless of nationality, should be charged the same domestic fees as the citizens of the country where they withdraw money. However, with the UK’s exit from the EU on December 31, 2020, such restrictions no longer apply to British nationals.
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