Higher Bank Charges spark public anger

[galexinda]

https://cyprus-mail.com/2021/12/28/plan ... IYErlIoAWI

Some examples:

In the case of the Bank of Cyprus, the charge for a current account went up from €3 every three months in January of 2020, to €6 every three months in the first few months of 2021, while starting in February of 2022, this will rise to €12 every three months.

For Hellenic Bank clients, the cost for a current account two years ago was set at €2 per month, while the new cost will be €2.90 per month. For savings accounts, Hellenic Bank will up the annual cost from €5 per year to €5 for every three months, an annual increase of €15.

The Bank of Cyprus will also be charging €20 per year for savings accounts, with no charge having been previously imposed on such accounts.

[trevnhil]

So now with the BOC it is almost 50 euros a year to have an account

[Jimgward]

Banks in Spain bow charge for any transfers in from the UK post brexit. Pretty steep fees.

[Kili01]

Anyone know what Alpha Bank are doing?
I haven't as yet heard anything from them.

Dee

[jeba]

I´ve needed a Cypriot bank account once only, when I bought a plot. The seller wouldn´t accept payment from a German bank account for money laundering suspicions. So I´m thinking of closing my BoC account. Can anyone think of other situations where you´re required to have a Cypriot bank account?

[trevnhil]

I believe you are soon to have a house built. You need to be very sure that all the tradesmen will accept payment from a Bank outside of Cyprus.

[Devil]

A €50 service charge per year would be quite reasonable provided that the bank gave you the service that you require. I pay more than that to my Swiss bank but, at least, I get professional advice from them as how best to manage my accounts without paying any taxable interest. I follow their advice regarding the investment of my miserable savings.

[WHL]

Fifty euros a year or 0.96 cents a week to service a bank account, I don't think there is one person on here, that cant afford to pay that... it doesn't seem excessive to me.

[galexinda]

Indeed, Tanny, and combined with the higher cost of living in general over the past few months, this increase in bank charges will add to the financial burden on the day to day lives of many people.

I can think of a few members on this forum who have referred to living on a UK state pension and for them any increases are bound to have an impact, especially those on the old pension scheme or who do not qualify for the publicised weekly amount due to changes in the system.

With regards to charities and foodbanks and other similar outlets helping the needy, although not at the forefront in the media as this time last year, they are still very much in existence.

[glang3000]

Can't Cyprus banks make a profit by lending the depositors money just like UK banks? I have 3 bank accounts plus a business account in the UK and do not pay any charges.

Gary

[Devil]

Happy New Year to everybody!

[jeba]

I don´t see Cypriot banks as actual banks, but rather as compliance authorities with a small affiliated financial services department. When I transferred funds from Germany to pay for a property (because the seller was also a bank and insisted on payment from a Cypriot bank account), they blocked my account without even notifying me, so that I could easily have missed the payment deadline. And then they made me jump through several hoops (including a personal visit to their branch - corona or not) before they released it. And they have the audacity to charge me fees for that "service" and should get away with it. Really?

[WHL]

I don´t see Cypriot banks as actual banks, but rather as compliance authorities with a small affiliated financial services department. When I transferred funds from Germany to pay for a property (because the seller was also a bank and insisted on payment from a Cypriot bank account), they blocked my account without even notifying me, so that I could easily have missed the payment deadline. And then they made me jump through several hoops (including a personal visit to their branch - corona or not) before they released it. And they have the audacity to charge me fees for that "service" and should get away with it. Really?

Doesn't really matter if you you see Cyprus banks as real banks or not, they are Banks, as for getting you to jump through hoops, it has to do with EU policy re Money laundering, something Germans citizens are well known for , may I suggest you google ''Liechtenstein Banks", so have a pop at your fellow countrymen, for causing some of your problems, one other thing why are you so precious that you shouldnt be charged a fee when the rest of us have to pay.

[jeba]

I don´t see Cypriot banks as actual banks, but rather as compliance authorities with a small affiliated financial services department. When I transferred funds from Germany to pay for a property (because the seller was also a bank and insisted on payment from a Cypriot bank account), they blocked my account without even notifying me, so that I could easily have missed the payment deadline. And then they made me jump through several hoops (including a personal visit to their branch - corona or not) before they released it. And they have the audacity to charge me fees for that "service" and should get away with it. Really?

Doesn't really matter if you you see Cyprus banks as real banks or not, they are Banks, as for getting you to jump through hoops, it has to do with EU policy re Money laundering, something Germans citizens are well known for , may I suggest you google ''Liechtenstein Banks", so have a pop at your fellow countrymen, for causing some of your problems, one other thing why are you so precious that you shouldnt be charged a fee when the rest of us have to pay.

I very much doubt that these compliance checks will really prevent money laundring. If I had wanted to, it would have been easy to present fake evidence, as the employees in charge have no idea how to check authenticity. But be that as it may, I´ll simply stick with my German banks which have never caused me that kind of problem and don´t cost a cent in fees.

[WHL]

Three cheers for the German Banks, don't know how the rest of us survive.

[trevnhil]

Jeba, I may have missed your reply to a question I posted a week or so ago. Will the designers and builders etc etc be happy with Payment from a bank that is not a Cypriot one ??

[jeba]

Jeba, I may have missed your reply to a question I posted a week or so ago. Will the designers and builders etc etc be happy with Payment from a bank that is not a Cypriot one ??

I don't know yet, they are closed for holidays. But I'd be very surprised if they did. They aren't banks, after all ( I bought the plot from a bank).