V. Dičpinigaitienė: Payment service rates – choose what you need Business

Payment services in Lithuania are provided by many financial market participants – banks, credit unions, electronic money and payment institutions. The choice is wide, but last year’s survey shows that only 15 percent. of respondents have considered switching banks in the past year, and only a quarter of those who have considered have done so.

Financial sedentism is often caused by myths – supposedly, if you have taken out a home or consumer loan, you are tied to the bank to the hilt. This is definitely not the case – even with a loan, the user can change the payment service provider without any restrictions. You don’t even need to think about it – the formalities will be taken care of by the new service provider.

It is important to assess what specific payment services you need and choose the most appropriate payment service basket on the market accordingly. The variety of payment service baskets is really large, and the monthly subscription fee for it can often be lower than paying separately for the account, card, transfers and withdrawals.

For basic payments – service basket with adjustable price

If you pay utility costs, make one other transfer (that is, basic services are enough), it might be worth choosing an adjustable basic payment account basket, which is made taking into account the basic needs of the population.

This cart is price adjustable and is offered by most payment service providers. The basket price of the main payment account is currently 1,47 Eur, and for poor residents – 0,73 Eur per month. From 2025 this price will decrease to 1 Eur (for the poor – 0,5 Eur) per month. The price of this basket is linked to the minimum monthly salary and the volume of incoming services, the price itself will change every three years, and not every year, as it has been until now.

Currently, the main payment account basket consists of:

accounts opening; email banking, secure accounts a means of managing and connecting to it (code generator, special app, etc.); unlimited crediting of incoming payments in euros; unlimited cash payment in the manner determined by the credit institution; payment card and payment transaction card; at least 10 online transfers in euros every monthincluding instant payments, installments, e. payment of bills, transfers within the institution and to other payment service providers, direct debit operations; cash payout – at least EUR 550 per month in the bank’s ATM network or in the manner determined by the credit union.

These services are selected to meet the basic needs of the population. Surveys of residents’ payment habits conducted by the Bank of Lithuania show that more than 80 percent residents with a payment account used to withdraw up to EUR 500, less than a tenth stated that they usually do not withdraw cash from the account at all. Only 8% indicated that they would withdraw more than EUR 500. of those interviewed. One adult resident with a payment account made 8 credit transfers per month on average. About 15% made more than 10 orders per month. persons.

Payment basket according to individual needs

Each of us may have different needs, so we may also need services that are not included in the basic basket. In such cases, it is worth evaluating other payment baskets offered by payment service providers. They are useful when you need:

• more accounts (the basket of the main payment account guarantees the right to at least one bank account);
• higher cash payout amountsfor example, up to 2,000 EUR per month (of course, the price of the service basket will also increase);
• credit cards;
• more favorable international payments rates.

After completing the baskets offered by the providers rate analysis, the following trends were observed:

• rates for young people and seniors may be significantly lower than standard rates;
• the most favorable conditions are given to those customers who receive a salary on their account, but remember – this cannot be an obligation.

What to do:

1. take a look how much and for what you pay yourself – join your e-mail banking and check which service basket you are currently using and how much you pay for it.
2. Go to the website of the Bank of Lithuania and take a lookwhich rates are currently charged by different service providers.
3. Compareis the best deal you found the one you’re using? Or have you noticed that you are paying for services you don’t even need?
4. If the payment rates do not suit you, change service provider. Decide for yourself.

All rates can be found and compared on the website of the Bank of Lithuania: