InsiderBusinessFees charged by banks in Cyprus

Fees charged by banks in Cyprus

Banks all over the world charge for almost everything these days, even for keeping an account running. Fees are there, whether you forget your pin number, wish to convert coins to banknotes or simply withdraw cash from the cashier. But when it comes to e-banking the picture is different, with some services actually provided without a fee.

No matter what, a Phileleftheros survey shows that banks in Cyprus continue to have cheaper fees than in Greece as well as in other European countries. The data was collected through websites of banks.

To start with, most of the island’s banks applied new charges as from June. Alpha Bank Cyprus will apply new charges to some of its services as from August 5.

Moreover, in a bid to boost their income base banks have started  changing their pricing policy by ending the practice of multiple accounts held by a customer. Low interest rate margins are behind altered bank fees for a number of services, even for those that once were free of charge.

The way a bank presents a fee for a specific service differs from one another even though it is the same thing. This is in reference to current account administration fees, standing account fees, account statements, cash withdrawals from ATMs of other banks in Cyprus, and withdrawals before maturity.

In addition, Bank of Cyprus checkbooks cost €25 while the return/cancellation of a check order is at a fee of €10 to €25. Administrative costs for a current account with an overdraft up to €3,000 are €3, and up to €5 for an overdraft of €10,000.

Hellenic Bank charges €20 for a booklet of 50 checks and €10 for 15 individual checks. A check payment cancellation costs between €10 and €50. Converting coins to banknotes or vice versa for amounts up to €50 is free. At Alpha Bank, a checkbook costs €20 per book, and a cancelled payment order is €10.


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