Real Decreto ley 19/2017 regarding basic payment accounts
This Real Decreto-ley 19/2017 incorporates to the Spanish legal system the framework established by Directive 2014/92/EU of the European Parliament and Council on comparison of commissions related to payment accounts, transferring of payment accounts and access to basic payment accounts.
The object of this Royal Decree-law is the regulation of:
- Clients or potential clients’ right to open and use basic payment accounts;
- The transparency and comparability of those commissions charged to clients or potential clients of payment accounts;
- Transfer of payment accounts within Spain and make the opening of cross-border international accounts available for clients or potential clients.
The objective is to allow clients to compare products more easily and to move within the European Union, therefore being able to benefit from an internal market within the financial services field.