AIB to start charging 1c per contactless payment and additional charges.

silver2020 wrote: »

problem is interest rates are zero - so they either apply negative interest rates to money in your account or make a small charge.

You'll find all the banks will be doing this. At the end of the day, the service has to be paid for and if there is no value for the money sitting in your account for the bank, the money as to come from elsewhere

banks make their money from interest paid on loans, **** them charging me to lodge my money, and then charging me to withdraw it

Raconteuse wrote: »

Yeah of course people should switch, but they're still gonna be charged for the service elsewhere. The issue the OP has is the charging in and of itself. I doubt there's much of a difference between the banks that aren't Revolut (which can't afford not to charge eventually).

You are just looking like an apologist for them now. They charge handsomely for their money lending services on the back of near zero rate funds they have access to through the central banks.

Most if not all of the UK high street banks (including Ulcer Bank who happily pilfer ROI customers' accounts) offer fee free current accounts, many offer cash incentives for switching to them.

The UK also has an industry wide current account switching protocol so it is easy and quick to swap, unlike the nonsense you have to go through here.

Revolut's business model needs to be based on side revenue because they would be done for if they introduced charges, there are several other companies offering similar products also for free.

This is just the typical thin end Irish consumers always get; higher charges, worse service and non-existent consumer protection from cartel-like practices.

suicide_circus wrote: »

how long can revolut go on providing a free service?

It's a UK virtual bank. Banks give us money to swap to them over here plus monthly cashback deals to keep us. They make their money from overdraft fees etc. Its madness what ye get charged for back home.

Revolut do charge fees for some of their services but just not basic banking. Transferring of large amounts are charged. Their crypto rates have a charge in built. Sure they charge for the card to be posted, well worth it though. I would be very surprised if they introduced charges for basic stuff, definitely wont happen over here.

Just switch to ebs, it's free and has contactless. No app but I use revolut with it.

Raconteuse wrote: »

It's not that I'm for or against them - it's just that they're doing what any business does: charging for a service.

Lol, imagine being so sucked into modern life that you are happy for banks to keep your money, make profit from investing your money, pay you paltry interest (if any) and then excuse them for charging you to withdraw that same cash.

I bet you love paying tax!

beejee wrote: »

Watch charges grow exponentially to cover "security costs". Getting charged money for using your own money...but I suppose it's hip, there is that.

If you have any of your money in a bank then you're getting charged for using it. I suppose you keep all yours in cash hidden in a sock at the bottom of your wardrobe? Cash leaves you more vulnerable to theft and loss. It's handy if you're taking it to get around paying tax liabilities, but other than that it offers little to no benefit over card payments. Despite the introduction of a the €0.01 transaction charge, contactless is still by the far the most cost effective and convenient way of paying for things if you're with AIB.

PommieBast wrote: »

Looking around it looks like a choice between EBS and Ulster. PTSB have some mortgage-related perks but they are irrelevant to me.

Ulcer have fees, both monthly and service charges, Their accounts for those north of the border are free of course as are BOI and AIBs NI banks. You don't even have to lodge a minimum amount in NI, banking is free if the account is £0.01 in credit.

It is blatant how much Irish customers are getting shafted by these banks

The only free banking here, if you meet certain conditions are EBS, KBC or online offerings from EU/UK such as N26, revolut, etc.

lertsnim wrote: »

No way am I walking around with a few hundred in my wallet.

Lost €400 out of my pocket in Lisbon two years ago.
I split my money into several pockets so I wouldn’t get done by a pickpocket.
Was feckin raging.
Card from now on.

hatrickpatrick wrote: »

Banks shouldn't be private companies at all, they're too integral to the very foundation of how the financial and economic system operates. Handing over such immense power over society to for-profit entities instead of having them simply be a branch of the public service was one of the biggest mistakes society ever made.

For-profit banking and usury are two archaic relics of human stupidity and the sooner they're abolished, the better.

Can you imagine the $hit$storm we would face on a regular basis if banks were run by the public sector? Would make the HSE look like the leanest, most efficient org in the world. The problem with banks today is that they are run in a similar fashion to public/civil service - basically a civil-service-lite.

By usury, are you referring to the old-testament definition (charging interest) or modern definition (charging extortionate interest). If the old-testament definition, then you really don't understand how money works. If the modern definition, banks are the best defence against usury.

beauf wrote: »

How about if revenue took it over?

The same revenue who require me to file my taxes by printing off a form, filling it in by pen and posting it to them?

TBH, it doesn't matter who takes them over. They would end up getting run by a combination of the unions and the huge layer of bureaucratic, political senior and middle management, along with TD interference (get rejected for a loan - raise it with your TD! Branch closing down because too few people use it - raise it with your TD! etc)

Vic_08 wrote: »

Ulcer have fees, both monthly and service charges

Ulster waives most fees if account is over €3k - that's enough for me to at least consider them.

The only free banking here, if you meet certain conditions are EBS, KBC or online offerings from EU/UK such as N26, revolut, etc.

Do the online only ones allow transfers of more than €5k in a single transaction?

https://twitter.com/AIBIreland/status/1238536866162409472?s=20