“Give with one hand and take with the other” – how many times have we heard this expression already? This seems to be the old maxim of banks in UK, in relation to MB Way commissions.
The UK’s government has put a limit on the commissions charged for the MB Way service. To compensate for these losses, banks have smoothly increased other operations, as reported by Jornal Público.
For example, making an online transfer will be more expensive at two of the largest UK’s banks. At Caixa Geral de Depósitos, the value goes from € 0.80 to € 0.95 as of May 1st. At Millennium BCP, the value jumps from € 1 to € 1.10 on the next 17th of May.
The source makes an estimate, and reveals that in the other three big banks the price may even be higher. At BPI the value is € 1, at Novo Banco it is € 1.10 and at Santander it can reach € 1.25.
It is important to note that these are values for normal transfers. If the user wants to use the so-called immediate transfers, he will have to pay even more. From € 1.50 at Caixa Geral de Depósitos to € 2.50 at Novo Banco, according to these data.
For those who still make transfers at the counter, the price is around € 5.50 and € 6 at those banks. Whoever raises money at the counter can also pay € 4.50 at Millennium BCP or BPI. At Novo Banco the values can reach 12 €.
Users can pay between 60 and 72 euros in commissions with half a dozen transfers per month
The figures revealed by the Público newspaper are compelling. Whoever makes an average of five or six transfers per month, ends up paying between 60 to 72 euros per year in commissions.
Since the beginning of 2021, transfers or payments up to € 30 are exempt on MB Way. Per month, users can still pay or transfer up to 25 times, or € 150, without being charged a commission.
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