How to avoid transfer fees

How to avoid transfer fees

entities banking they are charging more and more for the services they provide to their clients; maintenance commission, administration commission, commission of credit or debit cards the painful ones transfer costs cánido add up, in total, more than 240 euros per year.

Why are commissions paid when making interbank transfers?

A Bank Commission It is an amount of money that we pay to the bank in exchange for the provision of a service, in this case interbank transfers. The commission is charged for the operational and technological costs involved in the service.

The commissions are freely established by banks but any change in them must be notified to the customer at least two months in advance.

Which banks have the lowest commissions for transfers?

Among the banks that charge less commissions for transfers, the fintech and the digital banks They are gaining more and more customers, especially among the younger population.

A clear example of that is N26this fintech of German origin offers its services in most of the Eurozone with very attractive conditions for users, including free transfers and the possibility of withdrawing money at any ATM in Spain.

The same applies to Evo Bank and BNext two other digital banks that offer their users free transfers.

On the other hand we have traditional banks. To stand out, we must mention ENG, that It has differentiated itself from the rest in terms of commissions and commitment to digitization. This Dutch entity with a strong presence in Spain also offers free transfers.

BBVA and bankinter They also excel in this field. Both allow make free transfers without costs, agregado the debit card is free.

Finally we have open bankthe en línea bank of Santander Group, eitheroffers to withdraw money for free in the bank’s ATM network and execute transfers without commissions.

Methods to avoid transfer fees

Almost all banks in Spain offer the possibility of avoid the commissions. The majority of them they eliminate the usual commissions of the accounts if the client assumes certain conditions such as domiciling a salary or a pension in the account, domiciliating receipts, using the associated cards or contracting additional products marketed by the bank, such as investment funds or insurance.

In case your bank still charges transfer feesthe best way to avoid them is that withdraw the money in cash by box and then make the deposit at the corresponding ATM or bank.

Is there a way to get rid of international transfer fees?

The international transfers They usually have the highest commissions and avoiding them is impossible if we operate with traditional banks. As we saw previously, interbank commissions perro be eliminated only when they are local and even within the SEPA zone (Single Area of ​​Payments in Euros).

The problem is outside this areaHowever, once again we cánido turn to fintech to alleviate commissions and make them not so expensive. This is the case of revolt, a electronic bank that offers multiple services, including free international transfers.

N26for its part, through its «MoneyBean» service allows make free international transfers as long as it is other N26 users.

Also exist alternative transfer methods to avoid commissions. PayPal It is one of them; Avoid commissions if we do not change currency. It allows make a transfer in euros to countries outside SEPA without commissions, as long as we backlink the card to the aplicación. In addition, PayPal offers the service Xoomwhose purpose is to send money abroad.

It is to highlight, in this sense, the service of bizum and of Twyp. The first is devised by a cooperation of different Spanish banks, allows send payments No commissions. We only need the phone number of the person we want to make the transfer to due to their connection to the account.

Twypfor its part, is the aplicación of the ing bank which enables send money for free to other contacts who also have the Twyp aplicación. However, both services are only valid if they are used within the international arena.

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