Article 3 — Prior information on conditions for cross-border credit transfers

The institutions shall make available to their actual and prospective customers in writing, including where appropriate by electronic means, and in a readily comprehensible form, information on conditions for cross-border credit transfers. This information shall include at least:

- indication of the time needed, when a cross-border credit transfer order given to the institution is executed, for the funds to be credited to the account of the beneficiary's institution; the start of that period must be clearly indicated,

- indication of the time needed, upon receipt of a cross-border credit transfer, for the funds credited to the account of the institution to be credited to the beneficiary's account,

- the manner of calculation of any commission fees and charges payable by the customer to the institution, including where appropriate the rates,

- the value date, if any, applied by the institution,

- details of the complaint and redress procedures available to the customer and arrangements for access to them,

- indication of the reference exchange rates used.