EuroBillTracker

Hello everyone!

I have opened a new bank account, here, in Montreal. I have noticed that the systems are very different from what I was used to, in Europe.

Firstly, I wanted to put some euros on my (empty) account. I thougt the change would be automatic. Well, it's not. I had to go out, find a change office and come back to put my money on my account (!). The fees are very expensive.

It takes at least 3 weeks to get a new bank account here, because of the official ID I need... especialy here, the Social Insurance Number (numéro d'assurance sociale). It's THE number for all the Canadians.

And finaly, everything costs money!!! 0,50 $ each time you use your banking card in a shop, you take money in a ATM, you pay your bills at the bank, you ask to know how much you have...
The checks cost money too! 0,75$ each.

In France, it's was all free!!!

In the other hand, I had to pay the fees for my banking card for all the year. 30 euros. Unless I use it for more than 5000 euros per year.

I wonder what the situation is in your country?
Do you pay fees?

I hope the european banks will soon come here! we need competition in the banking system!

BTW, INGDirect (Netherlands) is getting more and more new clients here!

Olivier

In my bank:
- you will have debit/ATM and Visa Electron cards free
- taking money from ATM is free
- transactions an queries by internet is free (for under 25-year old, otherwise internetbank-access is about 1.60 €/month
- paying by debit card is free
- balance query by SMS-message costs 0.25 €/message
- they send your balance and list of all transactions to your home free every month

I've got accounts on two banks, they're somewhat different.

Both offer for free debit and ATM cards, ATM withdrawals, usage of debit card, paper statement once a month and internet transactions (without printed receipt). Also deposits and withdrawals in the bank are free. We got rid of cheques at least ten years ago, ie. the system was killed then, e.g. I've never had a chequebook


Bank A:
- Visa Electron 10 €/year, withdrawal 0.50 € abroad (if in Euro), this is strange because since July there's been EU directive about this matter. Maybe their Electron is Electron+Finnish ATM, never asked, don't need their Electron, paying by Electron free globally I believe
- internet access 2.50 €/month, GSM available, no idea about prices, probably included
- transactions 0.50 € on the machine and 2.50 € in the bank I think
- if you've got 5000 € or more in total (savings + loans) you earn points which are automatically used for internet, invoice machine etc. fees.


Bank B:
- Visa Electron free, withdrawals free in all Euro countries, paying by Electron free globally I believe
- internet access free, no idea if GSM available
- transactions 3€ in the bank I think, no machines available


However, there's other banks which are less attractive because of their pricing, I know some charge for debit card about 0.8€ / month for just having it. And some are raising prices, I think K3lvin may need to pay 2.50 € for the internet starting from February. Most have lower prices for young people, under 26 usually, not only for students. Credit card fee is set by the credit card company so prices are same in all banks. For example Visa charges 2% of monthly limit as annual fee, students may get discount for the first year.

because I am still a student most bank-services for me are free.

I've got a student bank-account with the Rabobank. this includes free internet banking and acces to your account by phone. I don't have a creditcard but I believe there is also a reduced price for students. Taking money from a ATM is free everywere in the EU.

Wouter, a colleague of mine told that Dutch banking system is most inflexible and ancient of four countries where she's got accounts, your report sounds much better than hers

Are your withdrawals free in all EU or in Euro countries?

I believe they are free in all EU countries. because of (european) regulations the banks had to choose between free transaction everywhere or paid transactions and they didn't want to charge their clients for taking money from a machine in the netherlands so they had had to make it free everywhere.
I don't really know much about the flexibilety of the system but internetbanking is used more and more. But i do think it is not simple to change between banks (thats why they try to atract students and are very willing to give them loans)

Finn wrote: And some are raising prices, I think K3lvin may need to pay 2.50 € for the internet starting from February.

Nope, I'm not Nordea client but OKO/Osuuspankki. BTW, here is a very good site for comparing Finnish banks (only in Finnish).

K3lvin wrote: Nope, I'm not Nordea client but OKO/Osuuspankki. BTW, here is a very good site for comparing Finnish banks (only in Finnish).

Well, my A is OP too. They charge for sure 2.5 € for the internet banking. Either you don't remember or then each bank set their own price, but then that's what Osuuspankkis are, independent. According to their website Electron is 10 €, are you sure that yours is nothing?

Btw, I know the site, it looks good but has too many errors for me For example they claim 2.25 € = 15 FIM.

Finn wrote:Well, my A is OP too. They charge for sure 2.5 € for the internet banking. Either you don't remember or then each bank set their own price, but then that's what Osuuspankkis are, independent. According to their website Electron is 10 €, are you sure that yours is nothing?

Strange, I haven't paid anything from internet banking yet. Maybe each branch has their own prices, like you said, each Osuuspankki is independent. And the reason I took Visa Electron card was because it was free, I really don't use it much. I had it over two years ago, so the prices may also have changed. And maybe the prices at the link I gave are average values?

here it's easy to open a bank acount..

you have to pay your checks, and generally there's an anual fee for Visa, Visa electrons, Mastercards etc...

but I have a Visa electron, from an internet bank, and I don't pay any fee for the card, I also have my University card that works at the same time as Maestro card, and I also don't pay any fee for that...

my advice to people who want to open an acount in Portugal is use the internet banks, because they're more pratical and since it's a new thing you don't have to pay fees for the cards, and there's lots of promotions and discounts.. and they're really more pratical...

bn

Here in Norway, we usually pay a yearly fee for a bank card or visa card, and a small amount to use it in stores and ATM.

To open an account takes only a matter of minutes, as long as you have a social security number.

I don't believe any banks charge a fee to have internet banking, but you have to pay a small amount when you pay bills (similar to phone banking), while paying bills maually in the bank costs a lot of money.

I have accounts in two banks, Nordea and Skandiabanken. Nordea gives me their VISA card for no yearly fee until i'm 22, and it's free to use it in stores and Nordea's ATMs.

Skandiabanken charge a yearly fee for their VISA card, but all other services are free. They're an internet bank, so they save a lot of money from that, and they also give a great interest (6,7%). Skandiabanken also operates in Denmark and Sweden.

Thevoice, how are you Visa cards, real credit or more like debit? If real credit, how much is your interest, your savings interest is amazing?

thevoice wrote:they also give a great interest (6,7%)

Does anyone in EU get that high interest for regular bank account? I think that's more than double compared to 12 months Euribor.

We have both Debit and Credit VISA cards, but the card I'm talking about is a debit card.. It's the kind of card "everyone" has.

The ones who have a credit card in my bank pays 17,50% p.a.
Another bank charges 19,90%. Is that a lot higher than in the EU?

I have to note that the interest i get in my bank (6,7%) does not reflect the interest level in most banks for accounts for daily use..
Most banks give from 0,25% to 1,50% for those accounts, and a higher interest for savings accounts.

the interest on my saving account is 3,25% / yr on my account for daily use I get no interest