New Payment Services Directive (PSD)

On 1 November 2009 the European Union introduced new regulations governing payments within Europe as part of the Payment Services Directive (PSD).  These new regulations have been brought in to standardise the process and the associated charges in making cross border payments in the EEA.

Which countries are affected?

The following is a list of current PSD participating countries and corresponding currencies:
  Country Currency   Country Currency   Country Currency  
  Austria EUR   Belgium EUR   Bulgaria BGN  
  Cyprus EUR   Czech Republic CZK   Denmark DKK  
  Estonia EEK   Finland EUR   France EUR  
  Germany EUR   Greece EUR   Hungary HUF  
  Iceland ISK   Ireland EUR   Italy EUR  
  Latvia LVL   Liechtenstein CHF   Lithuania LTL  
  Luxembourg EUR   Malta EUR   Netherlands EUR  
  Norway EUR   Poland PLN   Portugal EUR  
  Romania RON   Slovakia SKK   Slovenia EUR  
  Spain EUR   Sweden SEK   United Kingdom GBP  
 

How does it affect you?

Under the new regulations banking institutions within the EEA (beneficiary banks) are now restricted in the level of charges they can apply and in most cases we do not think these banks will levy any charges whatsoever.  The new legislation is designed to bring more transparency to the payment process.

If you are paid by Priority Accounts Limited in any currency other than GBP and your banking institution falls within the list above, where you may have been charged by your bank for receiving your payment sent by us, this should now stop and you will not be liable to pay any other bank costs except that whcih is charged by our bank (currently £15.00).

Banks are now required to:

In the event that a bank does charge to receive a cross-border payment, the bank must have pre-agreed a fee for this service with the beneficiary.  In addition, all charges levied by the receiving bank should be detailed on the beneficiary‚Äôs statement and not deducted from the amount.