Greek banks to introduce monthly transaction fees

Greek banks are considering replacing per-transaction fees with monthly fees that would vary depending on the package customers use.

More expensive packages will have more benefits, but in any case their cost will not exceed 10 euros per month, the daily reported on Sunday. newspaper kathimerini.

Payments on bills and money transfers make up the vast majority of electronic transactions that are currently subject to fees. For example, a general fee of €0.60 is charged for paying utility and telecommunications bills, while a transfer between banks is between €2.8 and €4. Such transfer fees are a big hit on the pockets of small and medium-sized entrepreneurs who are often paid for goods and services from other banks. For example, 100 accepted payments per month (from other banks) cost clients of the Greek Eurobank €350.

The number of active online banking user accounts has increased dramatically in recent years, reaching 14 million, as many users have multiple bank accounts. Since 2020, the number of online transactions has doubled to nearly 500 million. Online transactions have not only dramatically reduced interactions with tellers, but have also reduced ATM transactions.

This is not an innovation. Many banks in European countries follow this model. But until now, Greek banks, to the dismay of customers, have clung to the model of special commissions for each of several transactions, which causes discontent among entrepreneurs and also has a negative impact on their desire to switch to cashless payments.

Monthly fee packages will include extensive but limited standing orders and money transfers.

Improvements

Eurobank started with bags banking operations My Advantagewhich he launched a year ago and which, since August 2, have been supplemented with new services that reduce or even eliminate costs for those clients who keep their salary or pension in the bank.

The improvements affected all four packages offered by Eurobank (My Blue Advantage, My Silver Advantage, My Gold Advantage And My Platinum Advantage), which are divided into levels to provide more benefits for all customers – from simple to the most complex transactions.

It is worth noting that the simplest and most economical My Blue Advantage package with a minimum cost of 0.60 cents per month is offered completely free of charge to customers who receive their salary or pension at Eurobank and have chosen it as their main cooperation bank. Those who have chosen this package can now create an unlimited number of standing orders for automatic payments on accounts free of charge, while before the update there was only one.

In addition, the package will include free issuance or 5-year extension of a debit card, as well as reissue due to wear or theft. The package price starts from 0.60 euros and goes up to 2.5 and 10 euros per month for Silver, Gold and Platinum packages, while for employees and pensioners of the Silver and Gold packages the monthly fee of 2 and 5 euros per month is also reduced.

The benefit, according to the bank's calculations, starts at 3 euros for those who have a salary card at Eurobank, increases to an average of 14 euros for those who choose the most updated package and can reach 52 euros per month for those who use their account frequently and choose the full package (Platinum) from 10 euros per month. Eurobank offers the opportunity to keep your account at the bank for free, provided that the person does not use this account for transactions and is frugal. According to the bank, 2.3 million customers have already signed up for “My Blue Advantage”, and another 150,000 have chosen the Silver, Gold and Platinum packages.

Piraeus Bank is also preparing to update its payment package “payout“, which for 10 euros per year allows account holders to make up to 50 standing orders and payment orders via the remote banking system. The new packages, which will be launched by the bank from September, will give customers access to basic banking services for a small fee, and the possibility of free use of the new packages is being considered especially for those who keep their salary or pension in the bank.

Packages with monthly subscription fee

Packages with a monthly account maintenance fee and a cost of 2 to 5 euros per month are also available in National Bank Greece with bags Value, Value Plus And E-Value Transaction Packages, which have already been subscribed to by 375,000 of the bank’s clients. The packages provide 3 to 5 payments per month by standing order or via internet and mobile banking, up to 2 transfers (depending on the package) to another bank, up to 1 payment by credit card in another bank and up to 3 cash withdrawals from ATMs of another bank, as well as access to specialized insurance products.

Preferential packages

Service packages myAlpha Benefit (Standard, Advanced And Premium), offered Alfa-bankprovide benefits of between 5.5 and 21.8 euros per month, which are charged at a rate of between 2 and 10 euros per month, offering 3 to 10 free standing transfers, 2 to 5 free payments on company or organisation accounts, 2 to 7 free money transfers (from or to another bank) and 1 to 5 free cash withdrawals from another bank's ATM.

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