Making too many cash withdrawals from ATMs that do not belong to one’s own bank’s network is becoming more and more expensive. Ditto for bank transfers made in branches. These two approaches have seen their cost jump in a few years, according to Panorabanques. It is advisable to be attentive and to change your habits to avoid additional costs.
How to pay less bank charges? By passing the competition, especially in an online bank, but also by changing its habits concerning transfers and cash withdrawals, reports Capital. According to a recent survey recently carried out by the comparator Panorabanques, 31% of French people do not pay attention to the bank from which they withdraw cash. A lack of attention that can be expensive because beyond a certain number, banks charge (expensive) withdrawals made outside their network of distributors.
Inheritance fees: 85% of French people want to ban them, Bercy demands a big effort from banks
The price of moved withdrawals on the rise
These withdrawals made at another bank are called moved withdrawals. In 2022, the average annual cost of four withdrawals moved per month rose from 8.6 to 12 euros, an increase of 39%, according to Panorabanques. In addition, many banks (CIC, Crdit Mutuel) have reduced the number of free out-of-pocket withdrawals before invoicing.
Five other banks (including LCL) have chosen to increase the unit cost of an out-of-pocket withdrawal. It is therefore important to carefully check the number of withdrawals authorized by the bank free of charge, and to promote withdrawals as much as possible from ATMs in its establishment.
Bank charges: why cash is costing you more and more
The bank transfer freelance
Another service billed to customers: bank transfer to the branch. Transfers are free online but going to a physical branch for the same operation can be expensive. The unit price for this service has increased by 9.5% in one year, from 4.2 euros in 2021 to 4.6 euros this year. No less than 48 banks raised their prices during this period.
It now costs 8 euros at Crdit du Nord, 7 euros at Socit Gnrale and Crdit Agricole, and 6.09 euros at LCL, specifies Panorabanques in its study. The ideal is therefore to go through the application of your bank or your personal online space to make your transfer. Some establishments even provide free instant transfers.
The ranking of the least expensive banks