2024-01-15 05:45:00
LOnline banks stand out from traditional establishments through competitive prices in the services they offer. Many of them have made their card free, and refrain from charging account maintenance fees – for traditional establishments, these fees can sometimes reach 200 euros per year, according to UFC-Que Choisir.
Given these advantageous rates, “it is possible, with normal banking consumption, to pay no bank fees at the end of the month,” assures Laurent Trichet, founder of Sémaphore Conseil, specialist in competitive monitoring in the banking sector. . No fees… As long as you know the terms of the offers proposed, and organize yourself accordingly.
Not all online banks offer the same offers. There are several establishments: BoursoBank (formerly Boursorama Banque), Fortuneo, Hello bank!, BforBank, Monabanq, Ma French Bank, N26, Revolut, Axa Banque, Orange Bank, Nickel, Eko, Lydia… It is therefore important to study well each of the offers proposed to determine which one will suit you best.
Please note: La Banque Postale has announced its intention to separate from its subsidiary Ma French Bank. Ma French Bank customers might see their accounts transferred to the parent company. Furthermore, Orange Bank is in discussions with BNP Paribas, on the one hand, and the American fund Ripplewood, on the other hand, for a takeover.
Here are four situations that might result in charges you didn’t anticipate.
Do not use your bank card
Several online banks have made their cards free. “These are cards ofentry level (which does not include Visa Classic/Mastercard nor Visa Premier/Gold Mastercard), but essentially with systematic authorization without authorized overdraft,” explains Gaëlle Turpin, senior project manager at Sémaphore Conseil.
However, this free service is not unconditional: penalties may be imposed on you if you have not used your bank card a minimum of times during the past month. For example, with Boursobank’s Visa Welcome offer, you must carry out at least one payment transaction, or pay a penalty of 5 euros. With Fosfo Mastercard from Fortuneo, this penalty is 3 euros. At Ma French Bank, the systematic authorization payment card is free, but the customer must pay account maintenance fees of 2.90 euros per month. At N26, you have to pay 4.90 euros to be issued a physical card (by default, the card offered is virtual).
Withdraw euros in cash in France and the euro zone
Some online banks charge for cash withdrawals from ATMs. This is the case with Hello Bank, when the withdrawal is not made at the ATM of a BNP Paribas branch. Other brands, like N26, charge for withdrawals once a certain number have already been made during the month. As a reminder, the law requires that withdrawal rates be the same in France as in the euro zone. With BoursoBank, on the other hand, withdrawal is free everywhere.
Pay by bank card outside the euro zone
Do you need to travel abroad outside the euro zone? Several banks make payments in foreign currencies free: N26, Hello Bank, BoursoBank, etc. On the other hand, withdrawals of foreign currencies from the ATM are generally charged. This is not the case at Fortuneo. If you are in a business that accepts payments in euros, there too you will have to pay fees – fees which are added to the exchange rate which, for its part, is charged by Visa or Mastercard.
Make an instant transfer
Another scenario likely to result in unexpected fees: when you make an instant transfer. At HelloBank, for example, this action is paid. Ultimately, these fees should disappear: “The European Commission has adopted a proposed regulation to make instant transfers free,” recalls Gaëlle Turpin. At BoursoBank, they are already free for a transfer of less than 2,000 euros. At Hello bank, they are chargeable, whatever the amount.
Finally, it is good to know that, if you have subscribed to a bank’s offer, and you are not sure of the costs that this offer incurs, there is a simple way to find out. The law requires banks to provide you with an annual summary of the fees you pay. So take the time to consult this document which may help you put your finger on costs that you were unaware of.
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