
Article 1 

1. This Regulation lays down rules on cross-border payments and on the transparency of currency conversion charges within the  United Kingdom.
2. ...This Regulation shall apply to national and cross-border payments that are denominated in euro, sterling or in a national currency of a Member State of the European Union other than the euro and that involve a currency conversion service.
(2A.) In respect of cross-border payments, this Regulation applies only to those parts of a payment transaction which are carried out in the United Kingdom.
3. This Regulation shall not apply to payments made by payment service providers for their own account or on behalf of other payment service providers.
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Article 2 
For the purposes of this Regulation, the following definitions shall apply:

1.. ‘cross-border payment’ means an electronically processed payment transaction initiated by a payer or by or through a payee where—
(a) the payer’s payment service provider is located in the United Kingdom and the payee’s payment service provider is located in the EEA; or
(b) the payee’s payment service provider is located in the United Kingdom and the payer’s payment service provider is located in the EEA,and for the purposes of this definition, “payment service provider” has the same meaning as in regulation 40(1A)(a) of the Payment Services Regulations 2017;
2.. ‘national payment’ means an electronically processed payment transaction initiated by a payer, or by or through a payee, where the payer’s payment service provider and the payee’s payment service provider are located in the  United Kingdom;
3.. ‘payer’ means a natural or legal person who holds a payment account and allows a payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a payment order;
4.. ‘payee’ means a natural or legal person who is the intended recipient of funds which have been the subject of a payment transaction;
5.. ‘payment service provider’ has the same meaning as in regulation 2(1) of the Payment Services Regulations 2017;
6.. ‘payment service user’ means a natural or legal person making use of a payment service in the capacity of either payer or payee, or both;
7.. ‘payment transaction’ means an act, initiated by a payer or by or through a payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;
8.. ‘payment order’ means an instruction by a payer or payee to his payment service provider requesting the execution of a payment transaction;
9.. ‘charge’ means any amount levied on a payment service user by a payment service provider that is directly or indirectly linked to a payment transaction, any amount levied on a payment service user by a payment service provider or a party providing currency conversion services in accordance with  regulation 57(2) of the Payment Services Regulations 2017  for a currency conversion service, or a combination thereof;
10.. ‘funds’ has the same meaning as in regulation 2(1) of the Payment Services Regulations 2017.
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Article 3 
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Article 3a 

1. With regard to the information requirements on currency conversion charges and the applicable exchange rate, as set out in  regulations 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  regulation 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.
2. 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.
3. 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) the amount to be paid to the payee in the currency used by the payee;
(b) the amount to be paid by the payer in the currency of the payer's account.
4. 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.
7. The information referred to in this Article shall be provided free of charge and in a neutral and comprehensible manner.
Article 3b 

1. When a currency conversion service is offered by the payer's payment service provider in relation to a credit transfer, as defined in  regulation 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  regulations 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.
2. 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.
Article 4 
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Article 5 
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Article 6 
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Article 7 
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Article 8 
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Article 9 
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Article 10 
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Article 11 
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Article 12 
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Article 13 
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Article 14 
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Article 15 
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Article 16 
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Article 17 
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