InsiderBusinessWays to save money on bank transactions

Ways to save money on bank transactions

Households are looking for more affordable ways to carry out their bank transactions now that fees are on the rise. One of the best and modern alternatives is e-banking since transactions are free and immediate.

As for older people who do not know how to carry out online payments, they should use standing orders, according to Phileleftheros research on what banks offer and the rates for most common monthly transactions.

Bank of Cyprus has announced rising fees for payment of utility bills and taxes, cash withdrawals through cashiers and through JCC Smart as of February 13, 2020 to €5 from €2 per transaction. At the same time, all payments through 1bank are free.

If a client does not use 1bank, the second option is to have standing orders for payment of bills. Only the initial standing order is charged. Bank of Cyprus charges €10 for each payment transaction (EAC, CyTA, water, etc). In the case that a standing order cannot be carried out because of insufficient funds in the account then the charge is €5.

At the same time, if there is a change of data such as a new address, a new standing order should be assigned at the fee of €10 per account payment.

Hellenic Bank’s initial standing order is free of charge with only a stamp fee of €1. Any change in the standing order payment costs €5 and if there are insufficient fees in the customer’s account then the charge is €4.

Transactions are free through Web Banking. If one wants to make a payment through a Hellenic Bank cashier the charge is €2 per transaction.

At Alpha Bank, the opening or changing of a Standing Order costs €5 per order and for manual execution of a standing order it is €5.

The fee is € 2 + VAT for each account. According to a comparative table on charges, published by the Ministry of Finance, the opening of a standing order fee at Ancoria Bank and Astrobank is €10 and €6 at RCB Bank.


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