{"id":916,"date":"2018-09-23T00:00:18","date_gmt":"2018-09-22T22:00:18","guid":{"rendered":"https:\/\/filozofia.nett.to\/politika\/the-eu-has-reduced-card-payment-fees-by-10-times-economic-benefits-of-the-european-union\/"},"modified":"2026-02-08T19:14:52","modified_gmt":"2026-02-08T18:14:52","slug":"the-eu-has-reduced-card-payment-fees-by-10-times-economic-benefits-of-the-european-union","status":"publish","type":"post","link":"https:\/\/filozofia.nett.to\/politika\/en\/the-eu-has-reduced-card-payment-fees-by-10-times-economic-benefits-of-the-european-union\/","title":{"rendered":"The EU has reduced card payment fees by 10 times. Economic benefits of the European Union"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/filozofia.nett.to\/politika\/en\/the-eu-has-reduced-card-payment-fees-by-10-times-economic-benefits-of-the-european-union\/#The_EU_has_reduced_card_payment_fees_tenfold\" >The EU has reduced card payment fees tenfold.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/filozofia.nett.to\/politika\/en\/the-eu-has-reduced-card-payment-fees-by-10-times-economic-benefits-of-the-european-union\/#SEPA_transfers\" >SEPA transfers<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/filozofia.nett.to\/politika\/en\/the-eu-has-reduced-card-payment-fees-by-10-times-economic-benefits-of-the-european-union\/#What_is_SWIFT\" >What is SWIFT?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/filozofia.nett.to\/politika\/en\/the-eu-has-reduced-card-payment-fees-by-10-times-economic-benefits-of-the-european-union\/#BIC_code_vs_SWIFT_code\" >BIC code vs. SWIFT code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/filozofia.nett.to\/politika\/en\/the-eu-has-reduced-card-payment-fees-by-10-times-economic-benefits-of-the-european-union\/#TTIP_vs_SWIFT\" >TTIP vs. SWIFT<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/filozofia.nett.to\/politika\/en\/the-eu-has-reduced-card-payment-fees-by-10-times-economic-benefits-of-the-european-union\/#Source_links\" >Source links:<\/a><\/li><\/ul><\/nav><\/div>\n<p>It makes one sick to hear the subversive Kremlin propaganda spread by so-called &quot;pro-Russian&quot; websites and internet radio stations, claiming that it will be an economic salvation for us and that we will start doing wonderfully economically if we leave the EU.<br \/> It is also very depressing for me that even the so-called mainstream media do not explain to people what great economic benefits the EU brings us. Under such circumstances, where disinformation and propaganda are stronger than facts, a possible referendum on remaining in the EU could turn out to be very controversial.<br \/><br \/><h2><span class=\"ez-toc-section\" id=\"The_EU_has_reduced_card_payment_fees_tenfold\"><\/span> <strong>The EU has reduced card payment fees tenfold.<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2> While in the US and around the world the average fee for card payments is 2%, the EU has issued a directive that has reduced this fee to 0.2%.<br \/> Leaving the EU would mean that our payment card fees would increase to an average of 2%. It is unrealistic for such a small, insignificant, and corrupt state as Slovakia to be able to negotiate a lower fee with such large American corporations. Even if the Slovak government were to pass a law to reduce fees, American companies like VISA, MasterCard, and Maestro could stonewall, blackmail Slovakia, and withdraw completely from the Slovak market, which would seriously damage us economically. The EU cannot be blackmailed in this way because the EU is too large, and withdrawing from the market would economically harm these companies.<br \/> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Well, go ahead: let&#39;s curse the bad European Union, which has reduced the usurious fees of large financial corporations and thus stimulated the economy in the EU.<br \/><br \/><h2><span class=\"ez-toc-section\" id=\"SEPA_transfers\"><\/span> <strong>SEPA transfers<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2> Few people know what SEPA transfers actually are and what huge economic benefits they bring us. A SEPA transfer is either free or costs about 20 cents, and the fee for it is the same throughout the EU. The transaction is definitively completed within two working days.<br \/> However, almost no one knows what would happen if we left the EU and got rid of SEPA transfers. SEPA transfers would be replaced by transfers from the payment system of the monopolistic corporation SWIFT. The problem with SWIFT is mainly the very high fees, which range from approximately 10 to 50 EUR. For many entrepreneurs, such fees could be devastating. Imagine that we were not part of the EU and a customer from Austria orders goods worth 10 EUR from an e-shop, but pays another 10 EUR for the SEPA transfer.<br \/><br \/><h2><span class=\"ez-toc-section\" id=\"What_is_SWIFT\"><\/span> <strong>What is SWIFT?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2> SWIFT is a private company based in Belgium. According to the official definition, SWIFT is a communication network that ensures transactions between banks worldwide. In reality, SWIFT is more accurately described as a global payment system. SWIFT is a monopoly and has no competition in the world. This is perhaps also the reason why the services of this company are overpriced and payments can take 3 to 5 working days. The most expensive SWIFT payment fees are for payments to the USA. A payment from the EU to the USA will cost you at least 10 EUR from your domestic Slovak bank + 25 US dollars in fees from so-called correspondent banks on the US side. A payment from the USA to the EU is more or less fixed and costs 60 US dollars.<br \/> And one more interesting fact: Donald Trump wanted to destroy Iran economically by disconnecting it from SWIFT, but he failed because SWIFT is a Belgian European company. Trump also considered imposing a huge fine on SWIFT, but this step proved unrealistic, as SWIFT is a monopoly and SWIFT has the upper hand in this conflict and can blackmail the United States. SWIFT could completely ruin the United States economically if it disconnected them from international transactions.<br \/><br \/><h2><span class=\"ez-toc-section\" id=\"BIC_code_vs_SWIFT_code\"><\/span> <strong>BIC code vs. SWIFT code<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2> SWIFT is such an influential monopoly that the so-called SWIFT code, the SWIFT designation for individual banks, has also become an international standard adopted by the ISO, the International Organization for Standardization.<br \/> The SWIFT code is also filled in for transactions between SEPA countries, which may lead people to mistakenly believe that it has something to do with the SWIFT company. In the case of a SEPA transfer, the more accurate name for the SWIFT code is the BIC code, Bank Identifier Code.<br \/><br \/><h2><span class=\"ez-toc-section\" id=\"TTIP_vs_SWIFT\"><\/span> <strong>TTIP vs. SWIFT<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2> The EU-US common market agreement is shrouded in many conspiracies; many people see it as a conspiracy of dark forces, Freemasons, or Jews. The fact is, however, that it would be economically advantageous for both sides, if only because of the decrease in transaction fees and the shortening of the length of transactions between the EU and the US. Both sides would profit from it.<br \/><br \/> The American alternative to SEPA transfers is ACH transfers.<br \/> <a href=\"https:\/\/en.wikipedia.org\/wiki\/Automated_Clearing_House\" target=\"_blank\" rel=\"noopener\">https:\/\/en.wikipedia.org\/wiki\/Automated_Clearing_House<\/a><br \/><br \/><h2><span class=\"ez-toc-section\" id=\"Source_links\"><\/span> <strong>Source links:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2> Card payment fees <a href=\"https:\/\/en.wikipedia.org\/wiki\/Interchange_fee\" target=\"_blank\" rel=\"noopener\">https:\/\/en.wikipedia.org\/wiki\/Interchange_fee<\/a><br \/> SEPA <a href=\"https:\/\/en.wikipedia.org\/wiki\/Single_Euro_Payments_Area\" target=\"_blank\" rel=\"noopener\">https:\/\/en.wikipedia.org\/wiki\/Single_Euro_Payments_Area<\/a><br \/> TTIP <a href=\"https:\/\/en.wikipedia.org\/wiki\/Transatlantic_Trade_and_Investment_Partnership\" target=\"_blank\" rel=\"noopener\">https:\/\/en.wikipedia.org\/wiki\/Transatlantic_Trade_and_Investment_Partnership<\/a><br \/> SWIFT<a href=\"https:\/\/en.wikipedia.org\/wiki\/Society_for_Worldwide_Interbank_Financial_Telecommunication\" target=\"_blank\" rel=\"noopener\">https:\/\/en.wikipedia.org\/wiki\/Society_for_Worldwide_Interbank_Financial_Telecommunication<\/a><br \/> <a href=\"https:\/\/en.wikipedia.org\/wiki\/BIC_code\" target=\"_blank\" rel=\"noopener\">https:\/\/en.wikipedia.org\/wiki\/BIC_code<\/a><br \/> The difference between an ACH transfer and a Wire Transfer in the USA. A Wire Transfer is a transaction via the SWIFT payment system <a href=\"https:\/\/www.thebalance.com\/ach-vs-wire-transfer-3886077\" target=\"_blank\" rel=\"noopener\">https:\/\/www.thebalance.com\/ach-vs-wire-transfer-3886077<\/a><br \/> <a href=\"https:\/\/www.nacha.org\/news\/what-ach-quick-facts-about-automated-clearing-house-ach-network\" target=\"_blank\" rel=\"noopener\">https:\/\/www.nacha.org\/news\/what-ach-quick-facts-about-automated-clearing-house-ach-network<\/a><br \/><br \/><\/p>","protected":false},"excerpt":{"rendered":"It makes one sick to hear the subversive Kremlin propaganda spread by so-called &quot;pro-Russian&quot; websites and internet radio stations, claiming that economic salvation and amazing economic success will come our way if we leave the EU. It is also very depressing for me that even the so-called mainstream media do not explain to people the great economic benefits that the EU brings us. Under such circumstances, where disinformation and propaganda are stronger than facts, a potential referendum on remaining in the EU could turn out to be very controversial.","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-916","post","type-post","status-publish","format-standard","hentry","category-politics"],"_links":{"self":[{"href":"https:\/\/filozofia.nett.to\/politika\/wp-json\/wp\/v2\/posts\/916","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/filozofia.nett.to\/politika\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/filozofia.nett.to\/politika\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/filozofia.nett.to\/politika\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/filozofia.nett.to\/politika\/wp-json\/wp\/v2\/comments?post=916"}],"version-history":[{"count":0,"href":"https:\/\/filozofia.nett.to\/politika\/wp-json\/wp\/v2\/posts\/916\/revisions"}],"wp:attachment":[{"href":"https:\/\/filozofia.nett.to\/politika\/wp-json\/wp\/v2\/media?parent=916"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/filozofia.nett.to\/politika\/wp-json\/wp\/v2\/categories?post=916"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/filozofia.nett.to\/politika\/wp-json\/wp\/v2\/tags?post=916"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}