English (en)

CAN YOU USE YOUR
CREDIT/DEBIT CARD
IN ANOTHER COUNTRY?

  • When you pay for something in the EU using a credit or debit card, you cannot be charged extra (a surcharge) for using a particular card. This applies to all card purchases made within your home country or another EU country.
  • If you pay in EU currencies other than euros, you may still be charged a currency conversion fee by your card provider when using your card in another country.
  • EU rules limit the amount you can be asked to pay if you are the victim of card or payment fraud. In all cases, you can only be asked to pay a maximum of € 50 towards the cost of fraudulent payments.
    • In cases where you are unaware of this – for example your account was hacked, or your card was cloned and charged without your knowledge – you don’t have to pay anything. The bank should cover the costs.
  • Sometimes if you make a reservation for a car or a hotel, you may need to give your card details to guarantee your booking. A trader may ask to block an amount of money on your card upon reservation.
    • The trader should inform you if they intend to block an amount on your card, and you must give approval for this and the exact amount being blocked.
    • Once you make the official payment, the blocked amount must immediately be released from your credit card.
  • Find out more https://europa.eu/youreurope/card_en

IS MONEY IN MY SAVINGS AND
CURRENT ACCOUNT PROTECTED?

EU rules ensure that your money in your savings and current accounts is protected if your bank fails.

  • Your money is protected:
    • For up to a limit of € 100,000 or the equivalent in local currency, and this limit applies per person and per bank. There are some exceptions to this rule, for example: if you are a couple the € 100,000 limit applies to each of you.
  • Your money will be protected if it is above € 100,000 in certain cases for a limited time, such as money you receive:
    • from selling a private residential property, and from the payment of insurance benefits or compensation for criminal injuries or a wrongful conviction;
    • money linked to a particular event in your life (i.e. marriage, divorce, retirement, etc.).

CAN YOU OPEN A BANK
ACCOUNT ABROAD?

  • You can switch your account to another bank in the same EU country. Your new bank should help you with this.
    • You should tell your new bank that you want to switch and transfer any recurring payments to the new account.
    • The new bank will ensure your old bank transfers data and cancels standing orders.
  • Find out more: https://europa.eu/youreurope/bank_en

THIS COULD BE YOU
Open a bank account in a different EU country

Leonard decided to open a bank account in Belgium, although he is from Ireland. As a legal resident of an EU country, he is entitled to open a ‘basic payment account’. Banks cannot refuse this just because he doesn’t live in the country where the bank is established (however this doesn’t apply to accounts such as savings accounts). With this basic account, he can make standard transactions, such as making deposits, withdrawing cash, and receiving and carrying out payments. Leonard’s account should include a payment card so he can make purchases and withdraw cash. The new bank also enabled him to access online banking, although it did charge him an annual fee for the account (as is the case in some countries).

WHAT ARE THE RULES FOR
MORTGAGES AND CREDIT LOANS?

  • A mortgage loan allows you to purchase a home – these are offered by banks, building societies or other lenders and are often secured against your property.
  • A mortgage usually has a lower interest rate and a longer redemption period compared to consumer credit, but if you fail to fulfil repayment obligations for a mortgage against your property, lenders can seize and resell your home to pay it off.
  • The lender should assess your creditworthiness. This will be done based on:
    • your financial situation (debts, assets, etc.);
    • the value of the property the loan is secured against.
  • Lenders have to give you the European Standardised Information Sheet, which gives you a clear and understandable overview of the terms and conditions of the mortgage.
  • Before you sign a consumer credit contract, the credit provider has to give you a standard document called the Standard European Consumer Credit Information Form, which will give you an overview of the terms and conditions of the contract.
  • If you wish to take out credit or a loan in another EU country, you may find that banks are reluctant to lend to residents of countries other than the one where the bank is based, or even lend to residents of the same country working in another EU country.
  • Banks can set these limits, however they are not allowed to discriminate between EU citizens on the basis of nationality.
    • If you think the bank has discriminated against you, you should contact the bank and obtain a written reply explaining why you were refused. You can then ask for advice and help from FIN-NET (the Financial Dispute Resolution Network).
  • Find our more: https://europa.eu/youreurope/mortgage_en
    https://europa.eu/youreurope/loans_en

WHAT INSURANCE OPTIONS
ARE AVAILABLE?

  • You can shop around the European market for the best deals on insurance products (such as life insurance or car insurance).
  • If you use an insurer in another EU country, the authorities responsible for regulating insurance in that country and in your own country will share information on:
    • the level of risk involved in the insurance you plan to buy;
    • the insurer’s solvency;
    • the types of risk for which the insurer is authorised in a country where it is based.
  • Most insurance products are sold through intermediaries and they must give you certain information about themselves and the product you are buying before you sign a contract.
  • Find out more: https://europa.eu/youreurope/insurance_en

FIND OUT MORE:
Your Europe

https://europa.eu/youreurope/citizens

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