Character transfers are going through final tests and will commence early next week. There will be an official announcement with all the details before they happen. The transfers won't be real-time, it can take about a day for the transfer to be finalized.
Some preliminary information in QA form with questions taken from the forums:
Q: Do quests start over?
A: No, you get to keep them
Q: Will we lose skill upgrades?
A: No
Q: Will the journal stats be reset
A: Yes
Q: Are we going to be forced to rename our character?
A: Only if the exact name is already taken on the NA server
Q: Will you have to pay for a NA copy during or after the free month of transfers?
A: No, but there will be a transfer fee back and forth between EU and NA servers for those that want to transfer their characters.
Q: Can we change race?
A: No
Q: My EU account is unsubbed, can I still transfer?
A: Yes
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