Article 3b Currency conversion charges related to credit transfersF1

When a currency conversion service is offered by the payer's payment service provider in relation to a credit transfer, as defined in F2regulation 2(1) of the Payment Services Regulations 2017, that is initiated online directly, using the website or the mobile banking application of the payment service provider, the payment service provider, with regard to F3regulations 43(1) and 48(1) (taken with paragraph 3 of Schedule 4) of the Payment Services Regulations 2017, shall inform the payer prior to the initiation of the payment transaction, in a clear, neutral and comprehensible manner, of the estimated charges for currency conversion services applicable to the credit transfer.

Prior to the initiation of a payment transaction, the payment service provider shall communicate to the payer, in a clear, neutral and comprehensible manner, the estimated total amount of the credit transfer in the currency of the payer's account, including any transaction fee and any currency conversion charges. The payment service provider shall also communicate the estimated amount to be transferred to the payee in the currency used by the payee.