Banks getting greedy - governments says it will act

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Happy in Cyprus
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Banks getting greedy - governments says it will act

Post by Happy in Cyprus » Sat Nov 09, 2019 11:27 am

Thank goodness the government has said it will step in and address the concerns of bank customers, especially the elderly who cannot use internet banking:

https://cyprus-mail.com/2019/11/08/ange ... cceptable/

Even Hellenic Bank have jumped in on the act. Until recently I could transfer money easily and at no cost from one Hellenic account to the other. Now Hellenic want to charge me €5 to do this, a transaction that takes a matter of seconds.

So now, on principle, I go into the branch one day, draw cash out of one account and then go back the next day to pay it into the account I wanted the money transferred to. Inconvenient? Yes. But I'm not goig to let these sods charge me €5 for transferring money from one account to the other.

Daughter and son-in-law are equally annoyed and will do the same.

Yes, I know internet banking is available to me, and that's the way all banks want us to go, but I choose not to on a personal banking basis.

trevnhil
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Re: Banks getting greedy - governments says it will act

Post by trevnhil » Sat Nov 09, 2019 11:30 am

I used to pay the electric bill at the local BOC bank but now I pay it online. It is just a shame that I cannot pay bills from our municipality online as well..
Trev..

Austin7
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Re: Banks getting greedy - governments says it will act

Post by Austin7 » Sat Nov 09, 2019 11:57 am

My banking activity is relatively small so for personal safety I have never used internet banking and don't think I will ever do so. However, it now looks as if it's going to cost me due to BOC's revised charges :evil:

mouse
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Re: Banks getting greedy - governments says it will act

Post by mouse » Sat Nov 09, 2019 2:25 pm

Ha, ha, ha, banks GETTING greedy ! 🤣🤣🤣

RattyPatty
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Re: Banks getting greedy - governments says it will act

Post by RattyPatty » Sat Nov 09, 2019 2:58 pm

I have read about the charges but no mention of direct debits. I have messaged the bank about this but obviously won't hear back till next week earliest. Wondered if anyone knew already.

I don't live here and have all my bills paid this way so will be very inconvenient if I have to start paying them all by card. As I most certainly won't be paying to pay a bill that will be less than the bank charge.

I do have the 1bank app.

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Happy in Cyprus
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Re: Banks getting greedy - governments says it will act

Post by Happy in Cyprus » Sat Nov 09, 2019 5:36 pm

I was with a customer the other day who did online banking with BoC, and they told me that even with internet banking, many of the previous charges had doubled.

mouse, I have always believed that Cyprus bank charges were, in the main, reasonable and fair. But I sense that six years on from the banking crisis, and with some of the delinquent debt being hived off, and with branch network - and associated overheads - reduced, banks are once more getting their mojo back.

With increased confidence, and all banks working in unison to hike charges, what is the poor old customer to do? Thank goodness the government is stepping in to hopefully nip this in the bud.

Kili01
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Re: Banks getting greedy - governments says it will act

Post by Kili01 » Sat Nov 09, 2019 7:42 pm

Does the above mainly apply to BOC? I’m with Alpha, and so far my bank accounts aren’t loaded with these extra charges!

Dee

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Happy in Cyprus
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Re: Banks getting greedy - governments says it will act

Post by Happy in Cyprus » Sat Nov 09, 2019 11:47 pm

Dee, the new BoC charges don't come in until mid-Jan. But Hellenic's started a few weeks ago.

jeba
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Re: Banks getting greedy - governments says it will act

Post by jeba » Sun Nov 10, 2019 7:24 am

Do you even need a Cypriot bank account anymore given that there are services like revolut.com? Does anybody have experience with them? Are they reliable and convenient?

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Re: Banks getting greedy - governments says it will act

Post by Lofos-Jan » Sun Nov 10, 2019 9:30 am

But surely accounts such as Revolut are completely online anyway. I have a Hellenic account and online transfers are free including SEPA transfers which are now free up to €1000 so there is not much point in changing. I do completely disagree with the huge hike in branch banking charges which directly hits the elderly members of society who do not have online access. OK have charges but from £2 to £5 to pay an electric or water bill when you maybe can't travel to the only two electric offices in Paphos is pretty mean.

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Les Bean
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Re: Banks getting greedy - governments says it will act

Post by Les Bean » Sun Nov 10, 2019 9:37 am

jeba wrote:
Sun Nov 10, 2019 7:24 am
Do you even need a Cypriot bank account anymore given that there are services like revolut.com? Does anybody have experience with them? Are they reliable and convenient?
These days as far as I can work out there is absolutely no need to have a Cypriot bank account. I do have one but haven't needed to visit a physical branch for years. With my Transferwise multi currency debit card, and both a sterling and euro account everything could be done through them, but the main drawback is no direct debit facility

emgee
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Re: Banks getting greedy - governments says it will act

Post by emgee » Sun Nov 10, 2019 11:09 am

HIC

How much does this cost you in petrol or is the Company paying?

Alan

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Happy in Cyprus
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Re: Banks getting greedy - governments says it will act

Post by Happy in Cyprus » Sun Nov 10, 2019 11:11 am

I pass Hellenic banks almost every day. G'pou is on my way into Paphos. I would never pay extra for petrol as that would be self-defeating ;)

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Re: Banks getting greedy - governments says it will act

Post by Lofos-Jan » Sun Nov 10, 2019 3:17 pm

Les Bean wrote:
Sun Nov 10, 2019 9:37 am
jeba wrote:
Sun Nov 10, 2019 7:24 am
Do you even need a Cypriot bank account anymore given that there are services like revolut.com? Does anybody have experience with them? Are they reliable and convenient?
These days as far as I can work out there is absolutely no need to have a Cypriot bank account. I do have one but haven't needed to visit a physical branch for years. With my Transferwise multi currency debit card, and both a sterling and euro account everything could be done through them, but the main drawback is no direct debit facility
So where is your money exactly?
Hanging on in quiet desperation is the English way

jeba
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Re: Banks getting greedy - governments says it will act

Post by jeba » Sun Nov 10, 2019 3:25 pm

In my Germany bank account (which is completely free of any charges) and my broker account.

Jimgym
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Re: Banks getting greedy - governments says it will act

Post by Jimgym » Sun Nov 10, 2019 3:40 pm

I haven't used my Cyprus bank account for years now. I have a euro and a sterling account with an I.O.M. bank. I do use the bank cash machine for free withdrawals but thats it.

kansas
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Re: Banks getting greedy - governments says it will act

Post by kansas » Sun Nov 10, 2019 5:58 pm

We have two bank accounts, one with BOC and the other with Hellenic. When we had cash transferred from the UK to our current account at the BOC it was taking an average of 48 hours to show in our account (that's 48 hours after Currency Fair informed us that the exchange had taken place and the transfer made). With Hellenic, we transferred through Currency Fair at 3.30 p.m. on Thursday afterrnoon and it reached our current account at 0830 on Friday. We received an SMS at 0900 confirming this. We do all our banking on-line.

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Re: Banks getting greedy - governments says it will act

Post by Lofos-Jan » Mon Nov 11, 2019 11:18 am

jeba wrote:
Sun Nov 10, 2019 3:25 pm
In my Germany bank account (which is completely free of any charges) and my broker account.
The problem is that if you haven't already got an account in another country, it is not so easy to open one now. So for many, a Cypriot bank is the only real option. I did look into opening an international bank account but the charges are more than my Cyprus account.

Jeanne
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boycott
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Re: Banks getting greedy - governments says it will act

Post by boycott » Mon Nov 11, 2019 12:14 pm

There is no such thing as free banking!

All that happens is that the charges are hidden by lower interest rates or lower exchange rates than the real rates.

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Re: Banks getting greedy - governments says it will act

Post by galexinda » Mon Nov 11, 2019 12:36 pm

kansas wrote:
Sun Nov 10, 2019 5:58 pm
We have two bank accounts, one with BOC and the other with Hellenic. When we had cash transferred from the UK to our current account at the BOC it was taking an average of 48 hours to show in our account (that's 48 hours after Currency Fair informed us that the exchange had taken place and the transfer made). With Hellenic, we transferred through Currency Fair at 3.30 p.m. on Thursday afterrnoon and it reached our current account at 0830 on Friday. We received an SMS at 0900 confirming this. We do all our banking on-line.
Does BOC or Hellenic make a charge for the incoming payment from Currency Fair? I note that in their price list Alpha Bank charges €2 per transaction if the amount is €2000 +.

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