Greek banks are gradually eliminating transfer fees they have been charging for executing instant money transfers within seconds, starting from Jan 1. This move stems from a European directive, which must be adopted by all European credit institutions in the coming days.
This development, combined with the new governmental legislation setting caps on fees for interbank money transfers is creating a new landscape for remittance charges.
More specifically, in recent days, most banks have now aligned regular-priority money transfers with instant remittances.
This means customers can now use e-banking or m-banking to choose whether funds will be credited to the recipient’s account within 2-3 business days or in just a few seconds, with no additional fees for the instant option.
Regardless of their choice, the fee is now exactly the same, as the additional charge for instant transfers which could reach 2.50 euros depending on the bank, has been lifted.
However, remittances during Jan., for amounts up to 5,000 euros, will become even more affordable for individual senders.
Specifically, following a government intervention, a cap will be imposed on the fee for each incoming or outgoing transfer for amounts up to the aforementioned limit, at 0.50 euros.
This means that once the new maximum fees are implemented, the total charge for an instant transfer of up to 5,000 euros will not exceed 1euro. This amount will be equally shared between the sender and the recipient, with each party charged 0.50 euros or borne entirely by the sender if chosen.
The new pricing policy, combined with the capabilities provided by the IRIS service, now makes money transfers between accounts at different banks more affordable for customers.
Especially through IRIS, which is available via m-banking, it is possible to send up to 500 euros per day with no charges.
Banking sources estimate that the domestic market is entering a new period of intensified competition among credit institutions in the broader payments sector, with the aim to expand their customer base.
