Article 3a Currency conversion charges related to card-based transactionsF1

With regard to the information requirements on currency conversion charges and the applicable exchange rate, as set out in F2regulations 43(1), 48(1) (taken with paragraph 3 of Schedule 4) and 57(2) of the Payment Services Regulations 2017, payment service providers, and parties providing currency conversion services at an automated teller machine (ATM) or at the point of sale, as referred to in F3regulation 57(2) of the Payment Services Regulations 2017, shall express the total currency conversion charges as a percentage mark-up over the latest available euro foreign exchange reference rates issued by the European Central Bank (ECB). That mark-up shall be disclosed to the payer prior to the initiation of the payment transaction.

Payment service providers shall also make the mark-ups referred to in paragraph 1 public in a comprehensible and easily accessible manner on a broadly available and easily accessible electronic platform.

In addition to the information referred to in paragraph 1, a party providing a currency conversion service at an ATM or at the point of sale shall provide the payer with the following information prior to the initiation of the payment transaction:

A party providing currency conversion services at an ATM or at the point of sale shall clearly display the information referred to in paragraph 1 at the ATM or at the point of sale. Prior to the initiation of the payment transaction, that party shall also inform the payer of the possibility of paying in the currency used by the payee and having the currency conversion subsequently performed by the payer's payment service provider. The information referred to in paragraphs 1 and 3 shall also be made available to the payer on a durable medium following the initiation of the payment transaction.

The information referred to in this Article shall be provided free of charge and in a neutral and comprehensible manner.