> Are you saying that if I wanted to pay someone $100 I have to cough up an additional $5 and the receiving party has to pay $5 to get their $100? In what way i

> Are you saying that if I wanted to pay someone $100 I have to cough up an additional $5 and the receiving party has to pay $5 to get their $100? In what way is that “no fees” unless the receiving party is reimbursing the paying party directly? Unless I’m missing something here, a transfer of $100 cost $110 under this system. You pay the fee to your banking organization, which is 0€. The receiver pays the fee to their banking organization, which is also 0€. Or in other words, there are no fees. The idea being that the EU has made it very easy to switch banks, and forced a regime where a customer can freely pick the bank that has the lowest fees, which lead to a situation where no bank that wants to retain customers can bill them for transferring money.