1. When a currency conversion service is offered by the payer's payment service provider in relation to a credit transfer, as defined in regulation 2(1) of the Payment Services Regulations 2017, that is initiated online directly, using the website or the mobile banking application of the payment service provider, the payment service provider, with regard to regulations 43(1) and 48(1) (taken with paragraph 3 of Schedule 4) of the Payment Services Regulations 2017, shall inform the payer prior to the initiation of the payment transaction, in a clear, neutral and comprehensible manner, of the estimated charges for currency conversion services applicable to the credit transfer.