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<p>Under the Payment Services Regulations 2017, where a currency conversion service
is offered before the initiation of the payment transaction, the party offering the
currency conversion service must disclose to the payer all charges as well as the
exchange rate to be used for converting the payment transaction. This will not change
after the UK leaves the EU.</p><p> </p><p>From April 2020, the EU’s Cross Border Payments
Regulation, known as CBPR2, will require greater transparency on currency conversion
charges and exchange rates when making payments, either at a point of sale or an ATM.</p><p>
</p><p>After 31 January, the UK and EU will enter an implementation period, during
which EU laws that currently apply, or will start to apply during the implementation
period, will apply to the UK.</p><p> </p><p>Under the terms of section 8 of the EU
Withdrawal Act 2018 (and as further amended by the EU Withdrawal Agreement Act 2020)
the Government has the power to fix deficiencies in EU legislation retained following
the Implementation Period.</p>
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