Insider Business Bank of Cyprus’ new charges as of January 2020

Bank of Cyprus’ new charges as of January 2020

Bank of Cyprus will apply new transaction charges as of January 13, 2020 so as to align itself with international e-banking developments.

Banks abroad have already applied higher fees and commissions in their bid to make customers stay away from cashiers and use the electronic way of doing business instead.

Bank of Cyprus customers will be receiving letters informing of the new charges soon, while the new list of charges is already posted on their website, according to Phileleftheros.

The new state of play for both natural persons and businesses provides that fees for a new checkbook for individuals increases from €25 to €40 and for a Special Presentation checkbook the cost rises to €40 from €20.

In addition, paying utility and tax bills through a cashier and through JCC Smart increases to €5 from the current €2 per account. Payment through 1bank is free.

The cost of cash withdrawal from bank cashiers will also increase. Today, it is 1% with a minimum of € 0.05 and a maximum of €2. As of January, the charge will be 1% with a minimum of €0.50 and a maximum of €5. For cash withdrawals over €15,000 the charge will be 1% with a maximum of €50. There is no such charge in the present price-list.

Quarterly administrative fees on certain amounts will also rise for current accounts with a limit. Up to €3,000: €6 (current is €3), between €3,000-€10,000: €10 (current is €5), between €10,000- €100,000: €50 (current is €35). Administrative fees for current accounts without a limit will rise to €6 from €3.

In addition, annual rent for safe deposit boxes up to 6,000cm increases to €90 from €60, to €100 from €70 for boxes between 6,001-10,000cm, to €110 from € 80 for boxes of 10,001-15,000cm, to €120 from €90 for boxes between 15,000-20,000 cc, to €130 from €100 for boxes between 20,001-50,000 cm, and to €170 from €140 for boxes over 50,001cm.

Moreover, membership fee for Visa Classic will increase to €12.50 from €10, for Visa Gold to €55 from €50 and for Visa Platinum to €90 from €85.

Read more:

 

https://in-cyprus.com/service-fees-commission-the-way-for-banks-to-increase-revenue/

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