Commissions on citizens’ transactions through banks in Greece are expected to be significantly reduced as of Tuesday, January 21, 2025.
The measure was forced to banks in a package of measures announced last week by the government.
As of Monday, fees for citizens’ transactions through banks are significantly reduced, while insurance companies were forced to significantly reduce the increases they had previously announced for this year in private health insurance premiums.
For bill – utilities & telecommunications -payments either via standing order or via e-banking, fees will be zero, from 0.60 until now.
For remittances, the maximum charge per transaction for money transfers of up to 5,000 euros from bank to bank is set at 0.50 euros.
Recharging prepaid cards up to 100 euros per day will not be charged with a fee if it is carried out through digital networks.
The fee for cash withdrawals in municipal units in which there is only one bank’s ATM is also zero.
According to ethnos.gr, the banks are expected to make their own announcements tomorrow, Monday, and the measure will be in effect as of Tuesday, January 21, 2025.
The measure as it was roughly announced to media has not specified if fees will remain if transactions are made between different banks.
Greeks have been constantly angry in the last years to see for example two banks (sender & receiver) charging fees for the same transaction or to charge €4 for a payment of 30 euros, in both examples via e-banking.
PS It remains to be seen if banks will comply as asked by the government, because I have some transactions due…
There is a risk if the government meddles in private health insurance fees.
If there is evidence that the insurance companies are price gouging, because there is inadequate competition, then fair enough. If, however, insurance companies are simply responding to steep rises in charges by private healthcare providers then the government needs to regulate both. If it doesn’t there is a high probability that some insurers will go bankrupt. It is false economy to pay lower fees if you discover your insurer cannot pay out when you need the treatment.