BOI Alternatives-New Charges

Delta2113 · 22-08-2020 11:13am

https://www.revolut.com/en-IE/legal/terms - they do.

tuisginideach · 22-08-2020 11:27am

Did you all get an email re fee changes from BOI? I didn’t get any such notification from them - with them 40+ years but need to look now at alternatives - Wonder will notification come next week ir have they missed me out in some way?

Delta2113 · 22-08-2020 11:27am

@Hollybeg - I would recommend FREE EBS Money Manager account and then just use it to top up Revolut.

You then have the best off both worlds.

Jim2007 · 22-08-2020 11:29am

GarIT wrote: »

Typically banks use your money to make a profit. People see it as an exchange rather than a service they are paying for.

Really, dig out a set of their accounts and demonstrate with actual facts, rather than here say.

The reality is that banks have managed to turn themselves into a commodity industry and in a commodity industry you can't afford to give stuff a way for free.

We're just waiting for the consolidation to start... and once that happens fees will starts fees will start climbing big time.

Hollybeg · 22-08-2020 11:34am

Delta2113 wrote: »

@Hollybeg - I would recommend FREE EBS Money Manager account and then just use it to top up Revolut.

You then have the best off both worlds.

I'll probably just top up directly from my business a/c... need to check with my accountant to see if that's going to cause bother or not (doubt it but best check).

Delta2113 · 22-08-2020 11:35am

I'm still with PTSB for my Irish Pillar bank Current Account and get FREE banking once I keep a €2,500 balance at all times.

I'm happy enough with that. Any change to that and I would move to EBS if I could not avoid fees with PTSB.

Delta2113 · 22-08-2020 11:37am

I'm no accountant but mixing business a/c's with Personal will only cause you hassle.

Yyhhuuu · 22-08-2020 11:49am

JTMan wrote: »

I don't think so.

AIB timing could not have been worse and it was a simpler price increase.

BoI are increasing the price for some but not for all and have timed it better.

Can't see BoI reversing course.

Really, why would somebody pay high current a/c fees when some,albeit a few Banks, still offer free current accounts like EBS etc?
Amazing how Some customers of BOI paid in excess of €72 before new fee structure? That's alot of fees. Amazing how tolerant the Irish are. As I said before all current accounts are free in the UK.

Amazing how BOI & AIB s UK outlets don't charge current account fees but they do here. No competition in Ireland.

The change at BOI means a fee increase of €52 for me. I'm no means unique btw.

Sounds as if you endorse the changes and fee increases for many BOI customers.

I suggest any sensible BOI customer facing a fee increase should indeed jump ship. Why wouldnt you?

Hollybeg · 22-08-2020 11:49am

Delta2113 wrote: »

I'm no accountant but mixing business a/c's with Personal will only cause you hassle.

I know the story. I don't have any other accounts with Revolut. I could just transfer funds over by EFT either, top is just handier. Anyhow... BOI won't be extracting 6eur a month from me for diddly squat.

adox · 22-08-2020 11:53am

daheff wrote: »

I wouldn't bother with them. I tried to set up an account last Sept. Found them rude, surely and misleading. Still waiting for an account opening confirmation from them.

I didn't bother to followup because if they can't even be bothered to get me the account details I'd hate to see what happens if I have a problem with the account.

I have an account with them a couple of years without issue. Have rang the support a couple of times at most to reset pin and what not and they were grand.

****ty that you were treated like that though.

adox · 22-08-2020 11:57am

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.

CageWager · 22-08-2020 12:03pm

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.

Yyhhuuu · 22-08-2020 12:14pm

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.

daheff · 22-08-2020 12:18pm

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

Yyhhuuu · 22-08-2020 12:22pm

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....

22-08-2020 12:23pm

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.

Delta2113 · 22-08-2020 12:35pm

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

Yyhhuuu · 22-08-2020 12:36pm

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?

GarIT · 22-08-2020 12:38pm

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.

GarIT · 22-08-2020 12:39pm

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.

GarIT · 22-08-2020 12:42pm

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.

Yyhhuuu · 22-08-2020 12:45pm

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....

coylemj · 22-08-2020 12:47pm

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.

Yyhhuuu · 22-08-2020 12:49pm

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...

coylemj · 22-08-2020 1:00pm

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.

adox · 22-08-2020 1:01pm

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.

coylemj · 22-08-2020 1:02pm

Yyhhuuu wrote: »

The Banks just love you...

Not as much as Virgin Media do :rolleyes:

adox · 22-08-2020 1:03pm

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.

GarIT · 22-08-2020 1:05pm

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.

lawred2 · 22-08-2020 1:06pm

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

coylemj · 22-08-2020 1:07pm

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.

adox · 22-08-2020 1:08pm

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.

adox · 22-08-2020 1:09pm

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.

GarIT · 22-08-2020 1:10pm

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.

adox · 22-08-2020 1:10pm

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.

adox · 22-08-2020 1:13pm

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.

GarIT · 22-08-2020 1:28pm

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.

Eduard Khil · 22-08-2020 1:33pm

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.

Eduard Khil · 22-08-2020 1:34pm

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

GarIT · 22-08-2020 1:36pm

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.

Eduard Khil · 22-08-2020 1:42pm

GarIT wrote: »

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

People with disabilities don't seem to be only the other three

Eduard Khil · 22-08-2020 1:44pm

https://www.boards.ie/ttfpost/114386143

Islander13 · 22-08-2020 1:50pm

daheff wrote: »

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

This is completely incorrect, banks lose money on cash these days given negative ECB rates.

Fair enough to charge for a service given same

lawred2 · 22-08-2020 2:00pm

adox wrote: »

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

I'm sure KBC do but I'm not sure what it is... It's more than €200 a month anyway

JTMan · 22-08-2020 2:11pm

adox wrote: »

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

No limit on ATM withdrawals with KBC Extra.

whatever76 · 22-08-2020 2:11pm

I have no issues paying for the service as I can only imagine the IT bill for providing the online services which I do use - just think its a bit steep and I peeved at the sales pitch of it that they doing us the customers a favor charging a flat fee now as the other model was too complex - GRRRRR

Hollybeg · 22-08-2020 2:17pm

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 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.

I get that. There's not going to be a fortune in it. If I could use my business a/c I would but for transparency it's not a good idea. I pay enough fees as it is.

adox · 22-08-2020 2:19pm

From what I can see Bank Of Ireland seem to have one of the highest limits on the amount you can spend on your debit card daily. I think it's 10k

Might be a consideration for some.
I've bought prize bonds etc in the past using it. Other banks seem to have a much lower limit 2500-5000.

22-08-2020 2:39pm

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 and find Revolut far better use it for everything and haven’t used N26 in probably a year. Revolut has much better features (split bills, instant transfers, multiple current accounts, shares, crypto etc), more people use it which means it’s better for transfers to/from people, instant top ups are a must etc etc.

I’ve no problem holding money in Revolut I would rarely have less than a few 100 in it and have often has 1000’s.

The J Stands for Jay · 22-08-2020 2:40pm

Adriana Brave Dashboard wrote: »

KBC still do it.

KBC don't require a balance, just a minimum value of payments into the account in the month

BOI Alternatives-New Charges

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