Banks in Greece have already incorporated new, more affordable fees for
Banks in Greece have already incorporated new, more affordable fees for performing basic transactions, such as money transfers and bill payments. This new legislative initiative aims to make money transfers between different financial institutions and citizens’ basic financial obligations cheaper, provided that electronic banking services are utilized.
However, as the banking sector’s experts emphasize customers must be informed regarding the applications of the new fees, with the following points requiring attention.
The 5,000 euros Threshold
• A fee of 0.50 euros applies to both incoming and outgoing transfers up to 5,000 euros. However, this threshold is daily. This means that the reduced charge per transfer applies only if the total amount of related transactions within a 24-hour period does not exceed 5,000 euros.
• Once this limit is reached in a day, standard (higher) banking fees apply, increasing by at least 50%.
Incoming Transfers
• The standard, higher fee applies to incoming transfers once the 5,000 euros daily limit is exceeded.
• Businesses are subjected to higher charges, regardless of the amount transferred. These range from 3.50 to 4 euros per transaction and reduce the amount credited to the recipient’s account.
SHA or OUR Indicator
When sending a transfer, the
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