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BOI Alternatives-New Charges

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    #62
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    It’s plain maths for me. Whether they need to make the charges or not is a side issue.
    I’m currently paying €20 a year for the account and they are raising that charge to €72 a year. That’s over a 350% increase!

    I can get the same service(or better)elsewhere for less or for free. From a financial point of view it makes zero sense for me to stay with the bank.


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    #63
    CageWager
    Registered Users Posts: 545 ✭✭✭CageWager


    Unpopular opinion but €6 per month is hardly a rip off to maintain a bank account, its not much more than the price of a pint. Like paying for water, people in this country flip out at the thought of paying for their bank account because traditionally it was always free but it’s a service and it costs money to provide.

    I use N26 and Revolut but I don’t fully trust them larger sums of money and although I am cashless day to day I still want to avail of my BOI branch to lodge cash/cheques when I get them. IMO an extra €52 per year on top of what I was paying for a debit card, online banking, a local branch network etc. is a small price to pay. Sure, I could move to EBS but theres no guarantee they won’t start charging for current accounts and then I’m back to square one. Better the devil you know.


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    #64
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    JTMan wrote: »
    If you want no charges, your options are:
    - Student, graduate or senior account if you are in those age brackets.
    - EBS account BUT the no app and no mobile wallet payments and high FX fees.
    - EBS and Revolut/Monese combo.
    - Revolut only.
    - Monese only.
    - KBC Extra with no euro fees provided you deposit at least 2k per month but high FX fees.
    - KBC Extra and Revolut/Monese combo.


    My BOI current a/c fee is increasing by €52.
    I'm off to EBS where the current a/c is free. EBS DO have online banking but no app. I dont mind this as I'm sure I can access their online banking on my phone.


    Contrary to a previous poster EBS have very low foreign exchange fee of 1% for non euro card transaction in comparison to BOI.

    Revolout does not have a Bank guarantee.


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    #65
    daheff
    Registered Users Posts: 5,835 ✭✭✭daheff


    CageWager wrote: »
    Unpopular opinion but €6 per month is hardly a rip off to maintain a bank account, its not much more than the price of a pint. Like paying for water, people in this country flip out at the thought of paying for their bank account because traditionally it was always free but it’s a service and it costs money to provide.
    .

    When you start charging for a product that you had previously provided for free people tend to get annoyed... especially when they know you are using their money to make money too


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    #66
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    adox wrote: »
    KBC Extra Current account. You’ve to put 2k a month in to keep it fee free.

    I think AIB offered free banking if €2,500 kept on current a/c....


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    #67
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    downtheroad wrote: »
    PTSB explore account. They charge €6 per month but give you back 10c every time you use your debit card or top up your Revolut, capped at €5. Every month I pay €1 for banking.

    It was €4 for a good while, so I was getting €1 per month from them, but it changed recently.

    Same, I changed to PTSB about 18 months ago, but the cashback from using your debit card is not capped at €5?

    I pay for everything with my debit card so I have always got more back then the €6 monthly fee so it works out free, for me.

    App isn't bad either.

    (eta) just checked, cashback on debit cards is capped at €5.00 - the excess I've received is cashback on other bills, like Sky and electricity. Either way, it has cancelled out the charges for me every month.


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    #68
    Delta2113
    Registered Users Posts: 2,668 ✭✭✭Delta2113


    It was only for April and May they removed the 50 transactions limit.


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    #69
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    CageWager wrote: »
    Unpopular opinion but €6 per month is hardly a rip off to maintain a bank account, its not much more than the price of a pint. Like paying for water, people in this country flip out at the thought of paying for their bank account because traditionally it was always free but it’s a service and it costs money to provide.

    I use N26 and Revolut but I don’t fully trust them larger sums of money and although I am cashless day to day I still want to avail of my BOI branch to lodge cash/cheques when I get them. IMO an extra €52 per year on top of what I was paying for a debit card, online banking, a local branch network etc. is a small price to pay. Sure, I could move to EBS but theres no guarantee they won’t start charging for current accounts and then I’m back to square one. Better the devil you know.


    It's because of your tolerant attitude banks in Ireland charge excessive fees and have done so for years.

    Banks in the UK do not charge fees on current accounts. BOI UK & AIB GB included.

    Customer service in Banks is quite poor relative to days gone by.

    Why on earth would you pay current a/c fees to BOI et al when you can get it free elsewhere like EBS?


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    #70
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    Deleted User wrote: »
    Does any other bank have free transaction fees if you keep a certain amount in your current account?


    N26, you don't need to keep a balance.


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    #71
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    Yyhhuuu wrote: »
    I think AIB offered free banking if €2,500 kept on current a/c....


    They put a date on taking that away. They pushed it back, probably until after the panedmic but it is planned.


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    #72
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    Hollybeg wrote: »
    I recently opened a Revolut a/c ... mainly because my wife and kids all have one. What a revelation. As far as I can see when Revolut add the ability to process Direct Debits and do lending, the mainstream banks will be done when it comes to personal banking. Banks seem to think their products are "personal"... as far as I can see a loan is a loan where ever you go. Backwards move on their part. And even more backward when their business customers are more than likely to be personal customers also. Now you could say that people might save money but 6eur a month is some jump from 5eur a quarter... aside of any other fees this is how it will be framed.


    It's important to remember that Revolut isn't a bank. You money with them is more like credit on a phone than money, they set the terms. If they go bankrupt you could lose your money and they are in financial difficulty at the moment. They are also known for freezing accounts for up to 6 months for suspicious transactions that aren't suspicious. The average hold time to talk to customer support is three days.


    N26 is very similar to Revolut in the good ways and is actually a bank. Your money is guaranteed and they have to follow banking regulations.


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    #73
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    GarIT wrote: »
    It's important to remember that Revolut isn't a bank. You money with them is more like credit on a phone than money, they set the terms. If they go bankrupt you lose your money and they are in financial difficulty at the moment. They are also known for freezing accounts for up to 6 months for suspicious transactions that aren't suspicious. The average hold time to talk to customer support is three days.


    N26 is very similar to Revolut in the good ways and is actually a bank. Your money is guaranteed and they have to follow banking regulations.


    Does Revolut have a banking licence limited to one jurisdiction.

    Does Revolut have its funds "ringfenced" in Barclays?

    I personally would not entrust large sums of money to Revolut as it does not have a bank guarantee I understand....


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    #74
    coylemj
    Registered Users Posts: 25,345 ✭✭✭✭coylemj


    CageWager wrote: »
    Unpopular opinion but €6 per month is hardly a rip off to maintain a bank account, its not much more than the price of a pint.

    I'm sort of coming around to that opinion myself. I never maintained the minimum balance so was paying the quarterly fee of €5 and even though I offloaded most everyday transactions to EBS Moneymanager and Revout, I still got hit for about €7.50 fees per quarter. I have a BoI current account for tactical reasons that I'm not going to discuss here.

    So I was paying them roughly €30 p.a. and the new charges will increase this to €72 or an uplift of €3.50 p.m. Which I will probably bear because it will allow me unlimited transactions and (hopefully) they will give us Google Pay soon.


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    #75
    Yyhhuuu
    Registered Users Posts: 798 ✭✭✭Yyhhuuu


    coylemj wrote: »
    I'm sort of coming around to that opinion myself. I never maintained the minimum balance so was paying the quarterly fee of €5 and even though I offloaded most everyday transactions to EBS Moneymanager and Revout, I still got hit for about €7.50 fees per quarter. I have a BoI current account for tactical reasons that I'm not going to discuss here.

    So I was paying them roughly €30 p.a. and the new charges will increase this to €72 or an uplift of €3.50 p.m. Which I will probably bear because it will allow me unlimited transactions and (hopefully) they will give us Google Pay soon.


    The Banks just love you...


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    #76
    coylemj
    Registered Users Posts: 25,345 ✭✭✭✭coylemj


    adox wrote: »
    Weird I’ve had a look in a couple of other accounts I have (KBC and N26) and there doesn’t seem to be a way of adding an external credit card for payment.

    There shouldn't be a problem paying a BoI CC bill externally. I pay my BoI Mastercard bill from my EBS Moneymanager account, haven't paid it from my BoI current account in years.

    It should just be a matter of adding it as a payee and put the credit card number in the reference field - the data that the payee gets to see, along with the incoming payment. The details (with the IBAN number) on how to pay via EFT are on your statement, it's on the left side below the statement dates.


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    #77
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    coylemj wrote: »
    I'm sort of coming around to that opinion myself. I never maintained the minimum balance so was paying the quarterly fee of €5 and even though I offloaded most everyday transactions to EBS Moneymanager and Revout, I still got hit for about €7.50 fees per quarter. I have a BoI current account for tactical reasons that I'm not going to discuss here.

    So I was paying them roughly €30 p.a. and the new charges will increase this to €72 or an uplift of €3.50 p.m. Which I will probably bear because it will allow me unlimited transactions and (hopefully) they will give us Google Pay soon.

    Google Pay is live now with BOI.


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    #78
    coylemj
    Registered Users Posts: 25,345 ✭✭✭✭coylemj


    Yyhhuuu wrote: »
    The Banks just love you...

    Not as much as Virgin Media do :rolleyes:


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    #79
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    coylemj wrote: »
    There shouldn't be a problem paying a BoI CC bill externally. I pay my BoI Mastercard bill from my EBS Moneymanager account, haven't paid it from my BoI current account in years.

    It should just be a matter of adding it as a payee and put the credit card number in the reference field - the data that the payee gets to see, along with the incoming payment. The details (with the IBAN number) on how to pay via EFT are on your statement, it's on the left side below the statement dates.

    Cheers. Yeah I figured out after posting that you couldn’t add it as a bill and had to add as a payee. Took me a while to figure our you could find a credit card IBAN in your statement.


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    #80
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    Yyhhuuu wrote: »
    Does Revolut have a banking licence limited to one jurisdiction.

    Does Revolut have its funds "ringfenced" in Barclays?

    I personally would not entrust large sums of money to Revolut as it does not have a bank guarantee I understand....


    Yes, they have a banking licence in Lithuania which is being used in Lithuania only, they have said they will be bringing this to Ireland for the last three years.


    Yes, they are required to keep funds from UK based account holders ringfenced, it was in Lloyds I thought. They wont mean you can definitely get your money back in the case they close/go bankrupt.


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    #81
    lawred2
    Registered Users Posts: 24,281 ✭✭✭✭lawred2


    CertifiedSimp wrote: »
    Can anyone give me a reason not to use KBC extra current account with Revolut?

    What about N26?

    KBC Extra with Revolut is what I use. No issues other than the ATM withdrawal limit but that's very rarely an issue


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    #82
    coylemj
    Registered Users Posts: 25,345 ✭✭✭✭coylemj


    adox wrote: »
    Google Pay is live now with BOI.

    Good of them to tell us!

    Cheers, just registered my Visa debit card on GP.

    It said this on the RTE News piece about the new charges....
    Bank of Ireland personal customers will also be able to add their credit and debit cards to Google Pay next week.

    Which is why I thought it hadn't arrived yet.


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    #83
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    GarIT wrote: »
    Yes, they have a banking licence in Lithuania.


    Yes, they are required to keep funds from UK based account holders ringfenced, it was in Lloyds I thought. They wont mean you can definitely get your money back in the case they close/go bankrupt.

    It also doesn’t mean you definitely won’t either, as you previously stated.

    Either way I would hold large amounts in Revolut but do use it the most.


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    #84
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    coylemj wrote: »
    Good of them to tell us!

    Cheers, just registered my Visa debit card on GP.

    Yeah a bit mad. Saw that it was supposed to be coming next week so tried to add my card yesterday and it took it no problem. Confirmation text from BOI etc.


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    #85
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    adox wrote: »
    It also doesn’t mean you definitely won’t either, as you previously stated.

    Either way I would hold large amounts in Revolut but do use it the most.


    I've added in a could to be exact. I can't understand why anyone chooses Revolute over N26, I have both and keep an almost 0 balance in Revolut until I need to use a disposable card.


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    #86
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    lawred2 wrote: »
    KBC Extra with Revolut is what I use. No issues other than the ATM withdrawal limit but that's very rarely an issue

    KBC don’t have a limit do they? I know Revolut do.


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    #87
    adox
    Registered Users Posts: 19,017 ✭✭✭✭adox


    GarIT wrote: »
    I've added in a could to be exact. I can't understand why anyone chooses Revolute over N26, I have both and keep an almost 0 balance in Revolut until I need to use a disposable card.

    I have both as well but use Revolut as I find it slightly more convenient. I can add money instantly to it which is a godsend.

    I also keep some foreign currency to pay for some subscriptions etc (never looked to see if N26 provide this too).

    Also I know a lot of people who have Revolut so it’s easy to send and receive money from them. I don’t know anyone else who has N26.


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    #88
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    adox wrote: »
    I have both as well but use Revolut as I find it slightly more convenient. I can add money instantly to it which is a godsend.

    I also keep some foreign currency to pay for some subscriptions etc (never looked to see if N26 provide this too).

    Also I know a lot of people who have Revolut so it’s easy to send and receive money from them. I don’t know anyone else who has N26.


    I haven't seen other currency accounts in N26, haven't looked but they offer free currency conversion at the interbank rate (I don't think there is a weekend fee but there might be).


    I beleive Revolut charge for currency conversion while the markets are closed and recently put a low cap on currency conversion, definitely not enough for a holiday but probably enough for subscriptions or non-electronics on amazon.co.uk.


    Revolut is also heading towards big issues with not having done the work to passport their Lithuanian licence Ireland and not being able to offer their UK based services in Ireland from Jan 1st.


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    #89
    Eduard Khil
    Registered Users Posts: 796 ✭✭✭Eduard Khil


    Can't believe they are going to charge these extortionate fees to vulnerable adults yet they have only just recently opened a unit for vulnerable adults. I'm really hoping the rep on the verified page is wrong as I am dreading have to change my account.


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    #90
    Eduard Khil
    Registered Users Posts: 796 ✭✭✭Eduard Khil


    https://www.citizensinformation.ie/en/money_and_tax/personal_finance/banking/opening_and_switching_a_bank_account.html


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    #91
    GarIT
    Registered Users Posts: 8,671 ✭✭✭GarIT


    Eduard Khil wrote: »
    Can't believe they are going to charge these extortionate fees to vulnerable adults yet they have only just recently opened a unit for vulnerable adults. I'm really hoping the rep on the verified page is wrong as I am dreading have to change my account.


    Who? Over 65's, People with disabilities, students and graduates are exempt.


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