Avoiding Bank Fees & Charges

findmenow · 16-04-2021 01:54PM

Cameraman wrote: »

They are also regulated in this country.

Not very reassuring given the history of regulation (of any industry) in Ireland. :-)

AlmightyCushion · 16-04-2021 01:58PM

Black_Knight wrote: »

Is there anything wrong with just going with/staying with KBC for now? It's not like tomorrow you'll be a BoI customer. It'll likely take a good year or 2 to transition. That's a year or 2 of no fees vs 1990s EBS bank account.

N26 isn't an option for myself as work don't pay into it.

* I literally opened a KBC account 2 days ago, and i've the switcher form ready to go.

It might even take more than a year or 2. Yeah, I'll be sticking with KBC while I can but keeping an eye on other options. At the moment though most of the other options aren't great. They all have some area where they fall down a bit whereas KBC worked for me for everything (only real disadvantage of KBC is lack of branches and no cash services in branches which never bothered me).

Black_Knight · 16-04-2021 02:00PM

AlmightyCushion wrote: »

It might even take more than a year or 2. Yeah, I'll be sticking with KBC while I can but keeping an eye on other options. At the moment though most of the other options aren't great. They all have some area where they fall down a bit whereas KBC worked for me for everything (only real disadvantage of KBC is lack of branches and no cash services in branches which never bothered me).

What's cash? Seriously, only for the trip to the recycling center every 2 weeks I wouldn't need cash.

May as well join KBC, it'll match up nicely with my Ulster Bank mortgage (fixed, so i'm unphased).

Sheep Shagger · 16-04-2021 02:00PM

xckjoo wrote: »

II just need to figure out the credit card side of things. I don't think the CU or N26 offers them.

Credit cards are supposed to be coming soon here with n26 and as credit unions try to get on day to day business they could have them soon too.

It's the only thing I have left with BOI, closed everything and moved it to n26 and Revolut last year. The few times I need to lodge cash or cheques I use a lodgement machine to my BOI Mastercard and it has no fees.

TheDriver · 16-04-2021 02:12PM

JTMan wrote: »

Options are:
1. Free account if you are under 18, student, graduate, over 60/66.
2. Free account with EBS but no app, no mobile payments, no online direct debit etc.
3. Free account with Revolut or N26 or Monese but no cash/branch service.
4. Pay PTSB 6 EUR per month and get 5 EUR per month cashback via debit card usage or more if you have Sky.
5. Combo EBS (for rare branch needs) with Revolut or N26 or Monese. i.e. Use Revolut, N26 and Monese for 99% of your banking needs and EBS only if you are stuck. I think this is the best option.

Are EBS that bad? What exactly are their limitations compared to an AIB account?

MisterAnarchy · 16-04-2021 02:31PM

dulpit wrote: »

[*]N26 or Revolut (but obvious caveats of no branch network/etc)

Revolut is not a bank.

No proper banking licence, no deposit guarantee, can freeze account on a whim.

N26 is a much better option.

Sheep Shagger · 16-04-2021 02:33PM

MisterAnarchy wrote: »

N26 is a much better option.

Agreed ( and I have both).

Not sure why Revolut seems to be the 'go to alternative....n26 doesn't get qs much as a push on boards, maybe as Revolut has been around longer.

Dodge · 16-04-2021 02:38PM

Sheep Shagger wrote: »

Agreed ( and I have both).

Not sure why Revolut seems to be the 'go to alternative....n26 doesn't get qs much as a push on boards, maybe as Revolut has been around longer.

There’s a massive n26 thread in the banking forum.

The main difference is that most people use revolut as a travel/internet spend card account. Very few people leave their main bank and use both

Most n26 users use it as a bank, but there’s obviously less of them

They’re completely separate products

Creamy Goodness · 16-04-2021 02:39PM

Sheep Shagger wrote: »

Agreed ( and I have both).

Not sure why Revolut seems to be the 'go to alternative....n26 doesn't get qs much as a push on boards, maybe as Revolut has been around longer.

Being able to hold different currency wallets is the main reason I use Revolut over n26. Also the fact that when I tried to cancel my Black n26 card they were arsey about it and when I looked into closing my account the terms stated that if I did so, I could no longer sign up for n26 for 10 years. 10 years is a long time and it was enough to sour my opinion of them and just leave a 0.00 balance with them.

The J Stands for Jay · 16-04-2021 02:39PM

Cameraman wrote: »

Ditto. They are may not be very innovative or cheap (charges, exchange rates etc) but I've found them solid on the basics.
They also have people you can talk to on the phone/twitter/branch (where there's still one). They are also regulated in this country.

I've been told that you can't rely on them to give you a correct account balance, especially at the weekends, transactions disappear and reappear, and they don't do SEPA instant. Doesn't sound like they have the basics covered.

If nothing goes wrong, you'd have no need to contact your bank.

There's people on here who would argue there no advantage to being regulated in Ireland.

The J Stands for Jay · 16-04-2021 02:47PM

Sheep Shagger wrote: »

Agreed ( and I have both).

Not sure why Revolut seems to be the 'go to alternative....n26 doesn't get qs much as a push on boards, maybe as Revolut has been around longer.

When did revolut become available in Ireland? I opened my N26 account in 2015, well before I signed up to revolut.

JTMan · 16-04-2021 02:59PM

TheDriver wrote: »

Are EBS that bad? What exactly are their limitations compared to an AIB account?

No app
No mobile payments (Google Pay, Apple Pay etc)
No online direct debit set up
Branch only account opening
Cannot receive payments in any currency except euro (For example, EBS will reject USD into your EUR account)
High FX fees for payments (versus Revolut, N26 and Monese)
Very basic service

TheDriver · 16-04-2021 03:02PM

JTMan wrote: »

No app
No mobile payments (Google Pay, Apple Pay etc)
No online direct debit set up
Branch only account opening
High FX fees (versus Revolut, N26 and Monese)
Very basic service

So good for paying salary into, DD for bills and debit card for the shops.
And then use a revolut for foreign/google

hold my beer · 16-04-2021 03:09PM

TheDriver wrote: »

So good for paying salary into, DD for bills and debit card for the shops.
And then use a revolut for foreign/google

This is exactly what I've been doing for years with BOI and Revolut.

bromley52 · 16-04-2021 03:32PM

Black_Knight wrote: »

Is there anything wrong with just going with/staying with KBC for now? It's not like tomorrow you'll be a BoI customer. It'll likely take a good year or 2 to transition. That's a year or 2 of no fees vs 1990s EBS bank account.

N26 isn't an option for myself as work don't pay into it.

* I literally opened a KBC account 2 days ago, and i've the switcher form ready to go.

Say with them. You will eventually start getting loads of correspondence explaining the process and what your options are.
If you have a mortgage with KBC it might be worth looking into the option of switching to another bank and getting some money/lower rate out of it.

enfant terrible · 16-04-2021 04:06PM

Am I right in saying you get free banking with AIB if you have a mortgage with them?

lau1247 · 16-04-2021 04:37PM

enfant terrible wrote: »

Am I right in saying you get free banking with AIB if you have a mortgage with them?

correct (From the AIB account you are using the direct debit to pay from).

Cameraman · 16-04-2021 04:38PM

findmenow wrote: »

Not very reassuring given the history of regulation (of any industry) in Ireland. :-)

It is indeed a bit of a mixed blessing :-)
However, I'd prefer to be in the position of getting a response from an Irish regulator than one in some faraway country, where different laws might apply.

feargantae · 16-04-2021 05:31PM

McGaggs wrote: »

I've been told that you can't rely on them to give you a correct account balance, especially at the weekends, transactions disappear and reappear, and they don't do SEPA instant. Doesn't sound like they have the basics covered.

If nothing goes wrong, you'd have no need to contact your bank.

There's people on here who would argue there no advantage to being regulated in Ireland.

None of the main Irish banks support SEPA Instant yet. It's just Revolut and N26

feargantae · 16-04-2021 05:34PM

McGaggs wrote: »

When did revolut become available in Ireland? I opened my N26 account in 2015, well before I signed up to revolut.

Both launched in 2015, Revolut was before N26 or Number26 as it was then.

shanec1928 · 16-04-2021 06:08PM

TheDriver wrote: »

So good for paying salary into, DD for bills and debit card for the shops.
And then use a revolut for foreign/google

Make sure you have a branch close by cause nearly everything will involve a visit to carry it out.

Fozzie Bear · 16-04-2021 06:15PM

Black_Knight wrote: »

literally opened a KBC account 2 days ago, and i've the switcher form ready to go.

Exact same boat. Just finalised it this week and waiting on the cards to be posted out now. Moving from UB. Just fcukin sickened with this news. Was going to look into moving the mortgage from BoI to them also.

Still going through with it though cos UB are a shower of gowls. Not sure about the mortgage now

If my credit union ever start offering current accounts I’ll be gone in a flash.

The J Stands for Jay · 16-04-2021 07:34PM

feargantae wrote: »

Both launched in 2015, Revolut was before N26 or Number26 as it was then.

Thanks.

26 was supposed to be the number of moves to solve a rubrix cube I think. The N26 app still shows images of the old Number 26 card with the 26 sided shape on it for their ...loading... image.

Yyhhuuu · 16-04-2021 09:39PM

Sheep Shagger wrote: »

Credit cards are supposed to be coming soon here with n26 and as credit unions try to get on day to day business they could have them soon too.

It's the only thing I have left with BOI, closed everything and moved it to n26 and Revolut last year. The few times I need to lodge cash or cheques I use a lodgement machine to my BOI Mastercard and it has no fees.

Re: Credit Cards, try Avant Money ( formerly Avantcard) although its almost as difficult as switching mortgage such were the details they required and having to re-submit multiple times.

At least I'm richer by €30.

Yyhhuuu · 16-04-2021 09:41PM

TheDriver wrote: »

Are EBS that bad? What exactly are their limitations compared to an AIB account?

Ebs online is appalling. Often times you can't log in at all...

faolteam · 17-04-2021 01:28AM

TheDriver wrote: »

So good for paying salary into, DD for bills and debit card for the shops.
And then use a revolut for foreign/google

and whats Ebs charges ?

Yyhhuuu · 17-04-2021 01:49AM

faolteam wrote: »

and whats Ebs charges ?

Zero

highdef · 17-04-2021 01:54AM

StonedRaider wrote: »

It's still free with AIB if you have a mortgage with them.
A lot of Ulster mortgages would be taken over by AIB when the time comes.
Never paid any bank fees going on 18 years now

I'm the same, no charges at all.... Happy days.

xckjoo · 17-04-2021 11:28AM

Yyhhuuu wrote: »

Re: Credit Cards, try Avant Money ( formerly Avantcard) although its almost as difficult as switching mortgage such were the details they required and having to re-submit multiple times.

At least I'm richer by €30.

Thanks I hadn't come across this before. The cashback rate looks interesting. Is there any caveats to watch out for?

bugsyb4 · 17-04-2021 03:35PM

Nightmare news when this broke during the week. I know probably means f88k all but surely surprising too considering the amount of advertising they have out, seems way more than the regular Irish banks.

Were with BOI for years and moved all current accounts to BOI last year before they started fleecing us for €6 a month so to hear BOI were the ones in talk with KBC was a double whammy!! Also with KBC have 2 mortgages, investment funds and savings account so be a lot of tidying up needed to be done when time comes which hopefully as a few posters mentioned will be a few years down the track.

Pity as had no major issues with KBC really.

Avoiding Bank Fees & Charges

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