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<p>The Payment Services Regulations 2017 (which implement the second Payment Services
Directive, PSDII) were laid in Parliament 19 July 2017 and will apply from 13 January
2018. Under these regulations, as is currently the case under the first Payment Services
Directive, providers of international money transfer services are required to show
any fees incurred (such as commission or flat fee) and the exchange rate the provider
is offering the customer.</p><p> </p><p>As PSDII is a maximum harmonising Directive,
the Government is not able to go beyond these explicit requirements (e.g. requiring
the spot rate to be identified at the moment of the transaction).</p>
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