Curbs on bank charges start applying

Banks are responding to the reduction in commissions for transfers and the abolition of the charge for bill payments instituted by the government, taking effect on Tuesday, with new transaction packages enriched with new services.

The new tariffs coming into effect for all banks based on the legislative regulation provide for zero charge for the payment of bills and debts to the state, social security funds, local authorities, utilities and insurance companies; a maximum charge of 0.50 euros for sending money (outgoing transfer) and €0.50 for receiving money (incoming transfer), for amounts up to €5,000 per transfer, for individuals and freelancers; zero charge for cash withdrawals in municipalities where there is an ATM of only one banking institution; and zero charge for loading prepaid cards for a loading amount of up to €100.

National Bank has already proceeded with the reform of the Privilege Account, through which, for a monthly fee of €0.80, customers can send up to 50 outgoing transfers per month and receive 50 incoming transfers of up to €5,000 each. The same package also offers free loading of a prepaid card through all channels, as well as free bill payment via standing order via internet, mobile banking or ATM.

Alpha Bank is also expected to launch new transaction packages on Wednesday, enriching its Alpha Benefit packages with further features, while Eurobank is also expected to review its existing Advantage packages. The latter announced new charges for both transfers up to €5,000, which are adjusted to the legislated ceiling, and for larger amounts, setting the commission at €1.20 for amounts from €5,000 to €12,500, then €2.50 for amounts from €12,500 to €50,000, €6 for amounts from €50,000 to €150,000 and €10 for amounts over €150,000.

Piraeus Bank is introducing zero commission for amounts up to €15, then €0.50 for amounts up to €5,000, €4 for amounts between €5,000 and €12,500, €6 for amounts €12,500 to €50,000 and €10 for amounts over €50,000.

Epirus Bank, a cooperative lender, has abolished commissions for all incoming transfers regardless of the amount, while introducing a commission of €0.90 for sending money from €5,000 to €12,500.

Source: pagenews.gr