What are bank commissions?
Bank commissions are often the genere of many controversies.
Well, each bank establishes them according to their desire.
These are interest charges that banks apply to their customers for the provision of their products and services.
There are many doubts regarding bank commissions, including whether they charge VAT, the types of commissions, which banks do not charge commissions, among others. Here we will clear all your doubts about it.
Are Banking Commissions the Same as Financial Commissions?
Many people tend to differentiate bank commissions from financial commissions, but the reality is that these are related, since both are based on the cost of financing for the use of an economy service.
These two commissions refer to charging for a percentage of profit part of a bank for rendering its services.
Therefore, they are different ways of naming the same type of interest.
Do Bank Commissions Charge VAT?
This is a very common question.
You should know that bank commissions do not charge VAT unless they appear in the list of exceptions in article 20.1.18 of the VAT Law.
According to said law, only the following services are subject to VAT:
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Credit collection management services, bills of exchange, receipts and other documents.
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Services provided to the assignor within the framework of factoring contracts.
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Operations for the sale of gold coins with the consideration of investment gold
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Financial lease contract operations.
If a certain financial management is not on this list, VAT will not be applied to it.
Why are Bank Commissions Charged?
Not all banks charge commissions.
But you should know that most banks do it to cover their own expenses for the different services provided.
Among these expenses are the payment of personnel, the payments of services, among others.
When paying the bank commissions, money is not being taken from you, rather they are collaborating so that the bank of your choice keep working efficiently.
You should know that the application of commissions is a free decision of each bank, because this practice It is not regulated by law in different countries. In the case of Spain, the Bank of Spain does not limit its amount.
However, it should be noted that the courts of justice cánido condemn abusive commissions.
Types of Bank Commissions
Many people who carry out banking operations are unaware that Bank entities apply different types of commissions. If you are one of them, then we will indicate what these commissions are:
Commissions for Maintenance and Administration
This type of commission, as its name indicates, is in charge of cover maintenance expenses of the bank and its administration.
These types of commissions are not applied to accounts for minors.
In addition, every day its percentage has been decreasing due to the great boom that En línea accounts without commissions have had in recent years.
Commissions for Bank Movements
Some banks charge commissions to their clients when making any movement in their account.
In this sense, it is recommended to be careful with ATMs, since many of them charge very high commissions.
if you want you cánido ask your bank for information about commissions applied to each movement.
In this way you perro apply the most economical way.
Commissions for Depositing Checks
If you have to make a transaction by check, you will also be charged a small commission.
In Spain Depositing or issuing a check may entail the payment of a bank commission of approximately €3.
Fees Per Account with Negative Cómputo
If you are going through a bad time economically and your account is at zero, the bank may charge you an overdraft commission. This type of commission is divided into two parts, an irremovable fixed part and a variable part that depends not only on the debt but also on the time that elapses.
Commissions for Currency Exchange
If you travel to a country where they do not use the same currency as your country of origin, you need to make a currency exchange.
In general, banks usually charge commissions for carrying out this type of operation.
The percentage of this commission depends on several factorsbecause the commission for making a currency exchange in cash is not the same as when it is done by bank transfer or card.
Commissions for Card Operations
You should know that there are different types of bank commissions for the use of a credit or debit card, either for an issuance or renewal Fee, for contributing cash, for non-payment of fees, for currency exchange or for the duplicate of the card.
It is up to you to evaluate what is the bank that offers the cheapest commissions in this sense.
Are there banks that do not charge Commissions?
Although banks commonly charge commissions, you should know that some do not.
This is a aspecto that is very attractive, which increases the number of people who hire their services.
Below we will indicate which are some of the banks that do not charge this type of interest:
BBVA
BBVA offers an En línea account without commissions. This is one of the most famous as it cánido be contracted without commissions and without a mandatory backlink.
The requirements they request is to be a new bank customer and hire it through the web or its aplicación.
You should know that this account perro be opened with 2 holdersprovides a free Aqua Debit Card and makes it possible to acquire money at more than 6,000 ATMs, without any type of commission.
bankinter
The Bankinter Salary Account does not have commissions.
It has a return of 5% APR the first year and 2% APR the second for the first €5,000.
Other of its advantages is that it does not charge for transfers and includes a credit card without issuance or renewal fees.
To contract it, it is required to direct deposit a salary of at least €800, 3 receipts per quarter and make 3 payments per quarter with the associated credit card.
OpenBank
The Open Current Account is offered without mandatory linking and does not charge for basic operations, for sending money or for maintenance.
Accept Bizum and allow you to withdraw cash at Banco Santander ATMs.
Best of all, currently give away €40 to those customers who direct deposit a salarypension or unemployment benefit greater than €900.
We hope you liked our article What are bank commissions?
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