Less than a week (Jan. 20) remains before a series of commissions and fees tacked on by banks in Greece – on numerous transactions, sometimes even without a customer’s expressed approval – are axed.
Most of the commissions affect web-banking transactions, where bank customers use online platforms that entail no human contact with bank employees.
The development comes after a finance ministry decision last month eliminating or reducing many of the banking commissions and fees, and after repeated warnings by the Mitsotakis government to bank managements – itself the product of consumers’ and business people’s anger with the charges.
Among others, a ban on tacking on a commission for online payments – via a web-banking platform – to the tax bureau, utilities, telecoms providers, insurances companies and power companies.
Banks in the country charge up to 60 cents per payment to such entities.
Additionally, the fee for transferring money from one bank to another is reduced by up to 80%.
ATM cash withdrawal commissions in municipal departments where only one bank operates such a machine is also axed – the latter being one of the more annoying charges faced by bank customers over the years. Using one bank’s card to withdraw cash from another bank’s ATM was often charged up to three euros.
Additionally, POS commissions are cut by 50% for purchases below 20 euros, another long-standing demand by shop and kiosk owners.
The IRIS inter-bank system connected via mobile is also expanded, with the daily ceiling increased to 1,000 euros. Such transactions are free for consumers and less expensive for self-employed professionals and freelancers, compared to POS transactions.
