Tariff changes – foreign payments
Landsbankinn's tariff has been amended to reflect changes in foreign exchange transactions. Most of the changes enter into effect today, 19 June, while others become effective on 20 August. Landsbankinn’s customers will soon be able to carry out foreign payments in online banking at a lower cost than when purchasing such transactions from cashiers in branches and most of the changes are a reflection of this.
In addition to changes to foreign payment items in the tariff, certain charges are cancelled and new options and tariff items added. Among new items are so-called euro payments, or SEPA payments, which customers will be able to carry out through online banking. SEPA stands for the single euro payment area, a European-wide standard intended to facilitate euro denominated transfers between European countries, reducing the cost of such payments. It will be less expensive to transfer currency through online banking than with cashiers in branches and this applies to both euro denominated payments (SEPA) as well as other foreign transfers (SWIFT).
Changes to item descriptions are made for clarification purposes and enter into effect immediately. Among changes to the tariff, published with two months’ notice and entering into effect on 20 August, are the introduction of a set fee on queries, the charge on cancelling or recalling payments increases and charges on SWIFT payments changes.