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4.—(1) If an originator who gives to an institution a cross-border credit transfer order relating to a relevant transfer requests that the institution give an undertaking concerning—
(a)the time it will take for the funds transferred to be credited to the beneficiary’s institution, or
(b)the charges, commissions and fees (“relevant charges”) payable by the originator (other than those relating to any conversion from one EEA currency to another for the purposes of carrying out the relevant transfer),
the institution shall, if it wishes to accept the cross-border credit transfer order, give the undertaking so requested, and that undertaking shall be deemed to be a term of the contract entered into between the originator and his institution.
(2) If an institution a cross-border credit transfer order without giving an undertaking which it is required to give under paragraph (1), it shall not be entitled to recover from the originator any relevant charges in respect of the relevant transfer.
(3) In determining whether a cross-border credit transfer the purpose of which is to make funds available to the beneficiary in an EEA currency other than euro is a relevant transfer for the purposes of paragraph (1), the exchange rate to be applied in determining the equivalent in that currency of 50,000 euro shall be that applied by the institution at the date of the request.
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