This is an underlying trend: withdrawing cash with your bank card costs a little more each year. Update on price increases recorded at the start of 2024.
At the start of 2024, the average price of a paid withdrawal increased by 1%going from €1.01 to €1.02, according to recent figures published by the CCSF Banking Rates Observatory (1). An average which masks, as always, much larger increases in the 11 banks (out of a total of 91) affected by these increases: from 2.94%… to 20% at Crédit Agricole Center Ouestwhere the withdrawal price has increased from €1 to €1.20 since January 1st.
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It must be remembered: these banks only charge for so-called “replaced” withdrawals, that is to say made from ATMs of other establishments. For a simple reason: for them too, these withdrawals pay off. Each withdrawal moved costs them €0.89, i.e. the amount of the interbank withdrawal commission (CIR) paid to the establishment which bears the costs of maintaining the ATM. A commission that has not increased since 2020.
In France, the unit cost of a displaced withdrawal is between €0 (in around ten banks) and €1.50, with a high concentration around €1.
The monthly quota of monthly withdrawals in decline
The vast majority of banks also provide for a small monthly quota of free moved withdrawals. A quota which tends to melt away. As of January 5, 2024, the average number of free withdrawals per month in French banks was 2.81, compared to 2.87 as of December 31, 2023 and 2.92 as of December 31, 2022, again according to the Banking Rates Observatory. Establishments offering a monthly quota of 4 or more withdrawals are becoming rare, with most of them offering 2 or 3.
(1) The Financial Sector Advisory Committee is a consultation body between representatives of banks, their employees, consumers and public authorities. Read on the subject: Real estate loan, rates, savings… Behind the scenes of negotiations between banks and customers