Love them or loathe them, the banks play an important role in our lives. When was the last time you read through an entire statement to work out how much you are paying out in fees? It can be a tedious task, so here's a brief rundown on the charges associated with day-to-day banking.
The majority of new debit cards issued by banks have a small chip that uses Near Field Communication. This means that you can simply place your card on top of a machine that also has this NFC technology to carry out a transaction. The idea is that it makes things as quick, if not quicker, as using cash.
The limit on these type of transactions was initially €15 when first introduced, but this has since increased to €30.
Here is a breakdown of the charges for using 'contactless payments' at present.
AIB €0.00
Bank Of Ireland €0.01
KBC €0.00
Ulster Bank €0.00
PTSB €0.00
If you want to stick to cold hard cash, the following charges are in place every time you use an ATM.
AIB €0.35
Bank Of Ireland €0.25
KBC €0.30
Ulster Bank €0.00
PTSB €0.00
Contactless is cheaper than an ATM transaction on BOI and the same for the others. Another charge that appears on bank statements is “Maintenance fees per quarter”.
AIB €4.50
Bank Of Ireland €5.00
KBC €6.00
Ulster Bank €12.00
PTSB €12.00
How to avoid the fees?
Reading the account terms and conditions from your bank will highlight the criteria by which you can avoid the quarterly fees. Here's a breakdown by bank.
AIB Keep €2,500 in the account at all times
Bank Of Ireland Keep €3,000 in the account at all times
KBC Lodge €2,500 each month
Ulster Bank Keep €3,000 in the account at all times
PTSB If you have an Explore account, it's possible to cap annual charges at €12 – so talk to the bank!
Android and Apple Pay
Both of these services have arrived into Ireland in the last number of months. At present, Apple Pay is only available to Ulster Bank and KBC customers, while other banks are expected to follow. There is no charge for using Apple Pay.
AIB and KBC customers can use Android Pay to carry out their transactions. This service is also free of charge for customers. Speaking back in December, Google highlighted the security features of Android Pay.
"We have a multi-layered security approach with Android Pay. Payment information is encrypted and constantly monitored for malware and fraud. We don’t share the actual 16-digit card number with merchants during the transaction and we don't store it on the phone. If a phone gets lost or stolen, you can disable the account at any time and because the actual card number is not stored on the device, there is no need to cancel it."
