We would like to advise you of a change to the bank charges on foreign payments within the European Economic Area (EEA).
Under the Payment Service Directive, banks are now under an obligation to apply Shared Charging to all international payments, regardless of the currency, between EEA countries.
What does this mean for me?
If your bank account is based in any EEA country you may notice that your payments are received in short of a bank charge. This is due to ACM no longer having the facility to pick up bank charges on both the sending and receiving side of the transfer. Under the Directive, we now only have the option to pay the charges applied by the sending bank and the payee will incur any charges applied by the recipient bank. This is known as Shared Charging.
There are currently no changes to foreign payments outside the European Economic Area (EEA). If you wish to pay an account based outside of the EEA we will continue to pay all the charges.
Please don’t hesitate to contact us if you have any questions.