In a spot of bright news for consumers and businesses, as of today, Monday, January 20, the cost of banking has become cheaper in Greece.
Banks are now required to eliminate or reduce various categories of transaction fees, with a deadline to finalize the necessary software adjustments by Tuesday.
The new measures are expected to cost banks approximately €150 million annually, but be a relief for cash-strapped Greeks and businesses, who are struggling to make ends meet under the pressures of inflation. For context, total revenue from fees for the first nine months of 2024 reached €1.57 billion.
Bank Fees Eliminated or Reduced
Eliminated Fees
- Bill payments through standing orders or e-banking for services related to the government, social security funds, local government organizations, energy companies, telecommunications, water utilities, and insurance companies are now free of charge.
- No fees will apply to recharging prepaid cards up to €100 per day, as long as the transactions are conducted via digital networks.
- Cash withdrawal fees are eliminated in municipalities with only one bank’s ATM.
Reduced Fees
- For money transfers of up to €5,000 between banks, the maximum charge per transaction is capped at €0.50.
- For merchants, card transaction fees are halved for purchases up to €20.
Source: Tovima.com
