Monday, April 19, 2021

Banks raise commissions to offset MB Way brake


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Manuelvbotelho / Wikimedia

The year 2021 started with a reduction in the fees charged on transfers by MB Way, which were stopped by Parliament in January. However, this limitation was immediately offset by the creation or increase of other bank costs.

The cost reduction in transfers via MB Way was the result of a legislative initiative by Parliament. These transfers are now free of cost up to certain limits, such as payments or transfers up to 30 euros per transaction, up to 150 euros over a one-month period, or 25 transfers made within a month.

However, this brake was offset by the increase in other bank costs. According to the newspaper Público, the costs of regular online transfers have risen in two of the top five banks.

As of May, the Caixa Geral de Depósitos (CGD) will now charge 95 cents, in what used to cost 80 cents. At the Millennium BCP, the rate changes from one euro to 1.10 euro from 17 May.

In the remaining three banks, according to a price survey carried out by ComparaJá.pt, outside the package accounts, the cost is one euro at BPI, 1.10 euros at Novo Banco, and 1.25 euros at Santander.

On the other hand, banks are penalizing those who use services provided at branches or by telephone, in order to put pressure on customers to migrate to online services.

In five of the aforementioned banks, the transfer made over the counter, regardless of the amount in question, shot up to six euros. In the case of Novo Banco, it even reaches 7.50 euros when the amount exceeds five thousand euros.

By telephone, with operator, the cost is six euros at CGD and Millennium BCP and 5.50 euros at the remaining three.

Transfers between accounts of the same bank are free of charge in most banks, but only when they are made over the Internet.

When they go through the services at the counter or by phone, they start to have costs in four of the five banks under analysis. BPI charges 1.15 euros at the counter and 1.05 euros by phone, Millennium BCP 1.70 euros, CGD 1.84 euros and Novo Banco 1.90 euros. Santander is the only one that does not charge any amount.

Cash withdrawal costs range from 4.50 euros at BCP and BPI, up to 12 euros at Novo Banco. At CGD, the current commission of three euros with a passbook and 4.95 euros without a passbook or check, will pass in May to a single commission of 4.95 euros. At Santander, the cost is six euros.

Revolut freezes withdrawals at Multibanco

According to the same newspaper, Revolut was recently reported for the change and increase in commissions, including cash withdrawals made at ATMs.

According to Portuguese law, cash withdrawal costs prohibited at ATMs, through debit cards issued by banking institutions operating in Portugal.

However, according to the company, withdrawals with cards from fintech of English origin, created in 2015, may have costs because their cards have distinct characteristics, as they are “prepaid debit and non-credit cards”.

The 2% commission was already applied when the amount raised exceeds the monthly ceiling for each plan – 200 euros in the standard plan, 600 euros in the premium plan and 800 euros in the metal plan – regardless of the country.

From the next 9th of April, the 2% will remain, but there is a minimal cost of one euro and a limit of five monthly withdrawals is introduced, after which, even if the ceiling is not exceeded, the aforementioned fee will apply.

Customers with monthly subscriptions do not apply the withdrawal limit, but the one euro limit.

The changes, which apply to all customers around the world, also cover transfers, where a single tariff.

Maria Campos Maria Campos, ZAP //


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