Do the PSRs apply to payments outside the EEA?
All firms providing payment services (unless they are credit institutions or e-money issuers or expressly excluded from the PSD) who are established in the UK must either be authorised or registered by us to provide payment services, regardless of where they send payments for their customers. For example, a money remitter, based in Birmingham, serving a niche market for sending payments to Bangladesh and doing no other payments business must be authorised by or registered with us. However, most of the conduct of business provisions only apply to transactions where the payment service providers of both the payer and the payee are located in the EEA, and where the payment transactions are in euro, or in the currency of a member state that has not adopted the euro (for example, sterling). Transactions where either the payee or payer’s payment service provider is based outside the European Economic Area are known as ‘one-leg transactions’. So, for example, if someone in the UK sends money
