(1) Regulations 85 to 88 apply to -
(a) payment transactions in euro, and
(b) payment transactions involving only one conversion between euro and another currency of a Member State if -
(i) the currency conversion is carried out in that other Member State and
(ii) in the case of a cross-border payment transaction, the cross-border transfer takes place in euro.
(2) Regulation 88 applies to other payment transactions to which these Regulations apply.
(3) Regulations 85 to 87 apply to other payment transactions to which these Regulations apply unless otherwise agreed between the payment service user and payment service provider concerned. However, when a payment service user and payment service provider agree on a longer period than laid down in Regulation 85, for intra-Community payment transactions the period shall not exceed 4 business days after the time of receipt of the relevant payment order.