AIB to charge 1c per use of contactless payment - best alternative banks?

Nigel Fairservice

van_beano wrote: »

Same as Ulster Bank last year, I moved to KBC. Free banking once €2k is lodged per month. No issues so far over the year I've been with them. The whole cashless bank set-up is annoying if you want to lodge cash, I don't have much cash so doesn't bother me :rolleyes:

I did the same myself. The cashless thing is a bit annoying alrite. If I need to do anything with cash I do it at my credit union and then transfer it to my KBC account through the credit union app.

GerardKeating

callaway92 wrote: »

Trying to make money elsewhere.

It that not the objective of any business.

Banks are a business, they need to make a profit..

BobMc

virginmediapls wrote: »

I have been an AIB customer since birth. My parents opened an account in my name. I am going to close my account as I find this change abhorrent and unacceptable - https://www.independent.ie/business/personal-finance/aib-to-charge-fees-for-contactless-payments-and-current-accounts-39031416.html .

Especially announcing it in the current climate, hoping it will go under the radar. I am planning to change bank ASAP.

What are the best alternatives? I currently have a current a/c and savings a/c and am mortgage approved by AIB but happy enough to cancel that and go elsewhere as their rates are ****e anyway.

Thanks

If you do draw mortgage from AIB and pay from AIB current account you get free fees unless they are changing that too

JamesBond2010

SmallTeapot wrote: »

This. I’m an AIB customer, but transfer money to my Revolut card and use it for daily contactless payments. I also have an N26 account but don’t use it as much as Revolut. N26 is a fully operating bank that has zero fees.

hearing a lot of bad things though about revolut though like customer service and closing a/c's for no reason. is there a limit you can transfer to your a/c /top up your a/c by each month?? i am Aib also.

conteplating between revolut and N26 now.

KaneToad

Irish_peppa wrote: »

What is the story with google pay? Is that like paypal? Whats the advantages. I saw a girl using her phone to pay in lidl holding it up to the Card machine seemed a bit awkward

No PIN required. You can tap for amounts greater than €30. I use it all the time.

Varik

Already have revolut and never really use cash, so the €200 monthly limit would usually be doable. The very odd time I'd need a lot I could manage.

Is there any fees on the saving account if you just kept them open for now.

NIMAN

Aren't Credit Union's entering the current account business?

Fireball81

callaway92 wrote: »

I think this is their backlash against the amount of custom they've lost to a Revolut type product for FXs etc.

Trying to make money elsewhere.

In fairness the amount of business the legacy banks have lost to the likes of N26 and Revolute is negligible. Customers here might like to give out but **** all will actually do something about it and switch (thecstats back that up).

Current accounts don't make banks any money anyway, lending and insurance is where the coin is from a retail banking perspective.

If AIB lost a few thousand customers over this I'd be very suprised.

People should absolutely move though - others may not bother buy why pay when you don't have to.

Fireball81

NIMAN wrote: »

Aren't Credit Union's entering the current account business?

Seen a few Facebook ads about, haven't clicked on them though. Think there are still fees though.

Legacy banks and the credit unions have too much baggage and outdated infrastructure to offer free banking like N26 and Revolute.

One day AIB and BOI may offer an account that is 100% free with no minimums etc if you elect not to touch a branch (HSBC do one in the UK), at the moment their systems just can't cope with that concept.

Wuff Wuff

NIMAN wrote: »

Aren't Credit Union's entering the current account business?

they are... and are charging for it €4 a month plus serivce charges

Fees & Charges

callaway92

GerardKeating wrote: »

It that not the objective of any business.

Banks are a business, they need to make a profit..

Well....yes. I didn't say it wasn't.

I literally didn't say there's anything wrong with it.

I was explaining why they've done it. Lost revenue elsewhere etc.

callaway92

Fireball81 wrote: »

In fairness the amount of business the legacy banks have lost to the likes of N26 and Revolute is negligible.

It certainly isn't negligible.

Foreign Exchange conversions have drastically gone down for Sterling/Dollar (trips the UK and the US) that banks are holding far less now since there's no need for them near as much as they used to have.

Marcusm

landofthetree wrote: »

https://www.ebs.ie/daily-banking/ebs-moneymanager-account-and-debit-card

EBS money manager.

But I hear its not great at the app/online stuff.

It would be interesting if AIB customers could avoid the charges through moving to an AIB sub. I doubt the position would last.

Amouar

I think that the time for me to move out from AIB has come. I use my AIB debit card a lot in topping up Revolut and each top up will now cost 20c. This on top of the quarterly maintenance fee of 4.5€ (18€ per year).

I already have an N26 account that I was not using much, but I guess time has now come to make N26 my primary bank account and use N26 card to top up my Revolut account for free.

JamesBond2010

Amouar wrote: »

I think that the time for me to move out from AIB has come. I use my AIB debit card a lot in topping up Revolut and each top up will now cost 20c. This on top of the quarterly maintenance fee of 4.5€ (18€ per year).

I already have an N26 account that I was not using much, but I guess time has now come to make N26 my primary bank account and use N26 card to top up my Revolut account for free.

how do u top it up by ?? i just started today i using aib.c.card on g pay to top it up.

Amouar

JamesBond2010 wrote: »

how do u top it up by ?? i just started today i using aib.c.card on g pay to top it up.

I added my AIB debit card to my Revolut account.

Fireball81

callaway92 wrote: »

It certainly isn't negligible.

Foreign Exchange conversions have drastically gone down for Sterling/Dollar (trips the UK and the US) that banks are holding far less now since there's no need for them near as much as they used to have.

Do you have stats showing people have suddenly started switching?

That's not the reason for that either - ****ty small transactions are just not with their while. There's also more competition and the use of prepaid, debit and credit cards for key consumer currencies.

Retail banks are not interested in Joe soap rocking up to sell a few hundred euros for dollars, pounds or whatever. They got out of the retail bureaux de change service years ago for that very reason.

antimatterx

The thing is, AIB is miles ahead of every other bank when it comes to their technology. Seamless contactless payments integration, brilliant website and app, and they were the first (and only?) Irish bank to release their API.

Fireball81

antimatterx wrote: »

The thing is, AIB is miles ahead of every other bank when it comes to their technology. Seamless contactless payments integration, brilliant website and app, and they were the first (and only?) Irish bank to release their API.

Really, do you mean other Irish legacy banks? They might be good but they're doing nothing outstanding compared to other banks in Europe or even in comparative markets (New Zealand for example that has a similar population base).

As for APIs - at this point I don't think the majority of retail customers here care about these (yet).

otterj

Get €15 when you use the code [MOD SNIP] when you sign up to the fee free bank n26

callaway92

Fireball81 wrote: »

Do you have stats showing people have suddenly started switching?

That's not the reason for that either - ****ty small transactions are just not with their while. There's also more competition and the use of prepaid, debit and credit cards for key consumer currencies.

Retail banks are not interested in Joe soap rocking up to sell a few hundred euros for dollars, pounds or whatever. They got out of the retail bureaux de change service years ago for that very reason.

I do but I’m obviously not allowed to give them on a public forum.

Also - Yes, Banks are interested in average Joe coming up for small FXs - The mark-up made on them is ridiculous.

StefanFal

So for every 100 transactions you are unwilling to pay a euro? For gods sake....

The J Stands for Jay

HBC08 wrote: »

Thanks,I didn't know that.
I need a local branch to use from time to time so need to bank with one of the big banks.Looks like im screwed!

What do you do in a branch?

Worztron

HBC08 wrote: »

With Ulster Bank now you just need a balance of over 3k in current acc to avoid all fees.Not putting money in every month,just keeping a balance above 3k.

I wonder how long that'll last.

antimatterx

StefanFal wrote: »

So for every 100 transactions you are unwilling to pay a euro? For gods sake....

Honestly, people are so ridiculous.

beggars_bush

Ffs.
Just switched all my banking to AIB
The quarterly fee would make me move.

EmptyTree

StefanFal wrote: »

So for every 100 transactions you are unwilling to pay a euro? For gods sake....

Whatever about 1cent per contactless transact, I'll be bloody pi$$ed if AIB are introducing quarterly fees.

Amouar

EmptyTree wrote: »

Whatever about 1cent per contactless transact, I'll be bloody pi$$ed if AIB are introducing quarterly fees.

The 1cent for contactless transactions is not the issue, it's the 4.5€ quarterly maintenance fee and the 20c fee for each card transaction regardless of the balance of the account.

van_beano

Worztron wrote: »

I wonder how long that'll last.

It hasn’t, it ended this time last year

Infini

Amouar wrote: »

The 1cent for contactless transactions is not the issue, it's the 4.5€ quarterly maintenance fee and the 20c fee for each card transaction regardless of the balance of the account.

They're pretty much charging for ANY way you access YOUR money regardless of how and I've had free banking for the best part of 2 decades with them now. AS far as I'm concerned it's not just the issue with them charging for contactless payments it's also the principle as well I got hit with hidden conversion charges for a cancelled amazon transaction before from them and the free banking was the only thing that stopped me from switching there and then. Gonna transfer to KBC tomorrow and close all my accounts with AIB this was the straw that broke the camels back as they say.