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BPI increases bank charges and ends free MB Way transfers

bpiBanco BPI today announced that its bank charges will increase from the May 1, 2019. 

The lender stated that costs for MB Way transfers, (the first inter-bank solution which enables purchases and immediate bank transfers via smartphones and tablets) will rise significantly from 0.20 cents to €1.20 per transaction. 

However, according to Eco newspaper all money transfers completed using SIBS (National Electronic Payment Service) whether intra or interbank will incur a €1.20 fee.

However, BPI is not the only bank who charges for this mobile payment application as Novo Bank charge 0.15 cents, Caixa Geral de Depósitos 0.20 and BCP €1.35.  Only Santander offers a free MB Way service.

In addition to their increased fee, the bank has also announced that it will be charging 0.34 cents per month for the maintenance of their minimum banking service accounts.  This service is currently free.

Finally, the bank will be charging more for over the counter coin deposits and chequebooks.

 

This news item is reproduced courtesy of Madeira Weekly - 'latest news for foreign residents'

Comments  

0 #6 Denby 2019-02-09 19:51
Is the BPI charging customers on euro transfers or are there charges on Stirling transfers, just wondering ?
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+3 #5 AL 2019-02-09 11:48
Quoting Peterm:
Quoting AL:
It's what happens when governments relax banking regulations. It allows banks to rob their customers.

No. It allows them to outline a charging structure and then the customer has the choice to pay or go. What makes you think banking should be without charge?

You mean I have the choice to pay bank charges or be without a bank account?
Banks already make money from our deposits, and lots of it. Yes banking should be without charge. In fact I should be getting a cut of what my bank makes out of my savings.
You must understand that banks can loan out 9 times of what they hold in deposits ie if you deposit €1000 in a bank account they can issue loans of up to €10000 from your €1000 deposit. And of course then there's the interest on the loan that continuously devalues our money.
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+2 #4 Peter Booker 2019-02-09 08:34
"What makes you think banking should be without charge?" In the good old days, the banks were satisfied with investing the money lodged with them, and living on the profits they generated. So that was banking without charge.
I suspect that correspondents on this site are unhappy about these new charges because they are essentially going to finance the Resolution Fund, which is a pit-stop before these funds are drained away to the Lone Star fund in the USA.
All Portuguese banks are increasing their charges; it is banking customers as well as Portugal´s taxpayers who are keeping the owners of Lone Star in caviare and champagne.
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-2 #3 Peterm 2019-02-08 21:50
Quoting AL:
It's what happens when governments relax banking regulations. It allows banks to rob their customers.

No. It allows them to outline a charging structure and then the customer has the choice to pay or go. What makes you think banking should be without charge?
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+4 #2 liveaboard 2019-02-08 09:16
I am a bpi customer; I'm not sure if I'm using the service mentioned, but 1.20 per transfer is a huge fee.
If I find my costs are too high, I'll be changing banks.
It's called competition; and customers are fickle.
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+6 #1 AL 2019-02-08 09:02
It's what happens when governments relax banking regulations. It allows banks to rob their customers.
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