LNKX COMMISSION & Debit stamp duty.

squeakyduck

Was just checking my AIB internet banking here and I have 3 transactions that have debited my current account that I don't understand. I was wondering if someone could explain it to me in non technical AIB language!

I went to Belfast at the weekend. And I took out money, I am showing:

LNKX COMMISSION 1.27
LNKX COMMISSION 1.27
And
DEBIT STAMP DUTY 5.00

Are these charges for using the atm "abroad"? I don't understand why I was charged 7.54 for using the atm twice as I've never seen charges like this on my online statement before.

I looked at this site after typing "debit stamp duty aib" into google but it didn't help....it confused me more!:

http://www.aib.ie/personal/current-accounts/Debit-Card-Fees-and-Charges

Can anyone explain this to me please? Sorry if its been asked before! Nothing came up for boards that gave me a proper explanation!

Spocker

Debit stamp duty is applied by Revenue in Ireland, and collected annually by the card provider (both debit and credit) from you on their behalf (see the section "Government Stamp Duty" on your link):

http://www.revenue.ie/en/tax/stamp-duty/leaflets/stamp-duty-financial-cards.html

The LNKX comission is a fee charged to you for withdrawing cash from a British ATM machine, on top of whatever conversion rate they use. See the section "Card Transactions" in this document:

http://www.aib.ie/personal/current-accounts/Schedule%20of%20International%20FC

but remember AIB have no control over the charges imposed by the vendor/provider of the ATM in another country (Belfast in this case) - LNKX in the UK

BuffyBot

You may not have seen the charges before as it is only in recent times banks have been made list the charges seperately. Once upon a time, you would just see the full amount with the charges included.

squeakyduck

Thanks spocker and buffy bot!! Is there any card that you wouldn't be charged for taking money out of ATMs (around the world) with?

BuffyBot

Simple answer: no. In some shape or form, all the cards on the Irish market will charge you outside of the Eurozone.

Rebel1977

Tip;cheaper when abroad to withdraw bulk amounts if you can cuts down on the linnx trancactions

Toboldlygo

Spocker wrote: »

Debit stamp duty is applied by Revenue in Ireland, and collected annually by the card provider (both debit and credit) from you on their behalf (see the section "Government Stamp Duty" on your link):

http://www.revenue.ie/en/tax/stamp-duty/leaflets/stamp-duty-financial-cards.html

The LNKX comission is a fee charged to you for withdrawing cash from a British ATM machine, on top of whatever conversion rate they use. See the section "Card Transactions" in this document:

http://www.aib.ie/personal/current-accounts/Schedule%20of%20International%20FC

but remember AIB have no control over the charges imposed by the vendor/provider of the ATM in another country (Belfast in this case) - LNKX in the UK

LInk is a service provider which allows card issuers to access a range of ATMs in the UK.

The member banks are charged by the ATM owners for the use of ATMs. A number of members apply a charge directly to card holders for using some of the ATMs.

http://www.link.co.uk/Cardholders/Pages/Charging.aspx

The majority of ATMs at which charges are applied are located at 'off site locations' e.i. they are not located at bank branches.

Where charges are applied for Rep of Ireland bank customers at bank branch ATMs (e.g at Santandar / Barclays branch ATMs in the UK), these are applied by the card issuing bank, in this example AIB.

Branch staff may have been misinformed about this but if you want clarity, perhaps it would be best to make a formal enquiry,

dudara

There are a lot of ATMs in the UK which charge you a fee for using the machine, irrespective of who you are. Try to find regular ATMs that don't charge this. However, because you are withdrawing FX, you will also be hit with FX charges by your bank.