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8.—(1) Subject to paragraph (2), no institution which participates in the carrying out of a relevant transfers shall deduct from the funds to be transferred to the beneficiary any charges, commissions or fees, except as agreed by the originator.
(2) Nothing in paragraph (1) shall prevent the beneficiary’s institution from charging the beneficiary for the administration of any account of his to which the funds transferred by a relevant transfer are credited, in accordance with its usual tariff of charges for the administration of accounts, provided that any such charge which is made by reference to the fact that funds are credited to the account, or by reference to the number of such credits, shall be no higher for cross-border credit transfers than for transfers of funds initiated by institutions within the United Kingdom.
(3) A charge which an institution is prohibited by paragraph (1) from deducting is referred to in this regulation as a “prohibited charge”.
(4) If the originator’s institution or an intermediary institution has deducted a prohibited charge, the originator’s institution shall, if so instructed by the originator, either—
(a)reimburse to the originator the amount so deducted, or
(b)transfer to the beneficiary’s institution funds equal to the amount so deducted with an instruction that they be made available to the beneficiary,
as directed by the originator.
(5) If an intermediary institution has deducted a prohibited charge, the intermediary institution shall, if so instructed by the originator’s institution, either—
(a)credit the amount so deducted to the originator’s institution, or
(b)transfer to the beneficiary’s institution funds equal to the amount so deducted with an instruction that they be made available to the beneficiary,
as directed by the originator’s institution.
(6) If the beneficiary’s institution has deducted a prohibited charge, the beneficiary’s institution shall, if so instructed by the beneficiary, make available to the beneficiary funds equal to the amount so deducted.
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