The hidden bank fees that can end up costing you dear

7 mins

By Mark Davis, June 17,2022

💡 Good to know: choose the card that best matches the needs of your company. Pay particular attention to payment and withdrawal limits, as some banks charge extra fees if you decide to change these limits.

Marie and Martin are entrepreneurs and have business accounts at the same bank. This bank applies a transfer fee of 1% and a minimum fee of €10 per month

* Marie owns an SME and the total amount of her monthly outgoing payments (salaries, social charges, taxes etc.) comes to €12,000.

€12,000 x 0.01 = €120. Marie will pay €120 in transfer fees for the month.

* Martin is a freelance developer. Being self-employed, he works alone and his monthly outgoings are much less, amounting to €500.

Given the bank’s commission, his transfer fees come to €5 for the month (500 X 0.01 = 5).

However, this is below the minimum threshold fixed by the bank at €10, which is the very least that Martin will have to pay. So, Martin will have to pay €10 in transfer fees, which is 2% of his outgoing payments.

💡 Good to know: these fees may appear on your bank statement as “remote banking fee.”

ABOUT THE AUTHOR
Mark Davis
Mark worked for 12 years in broadcast journalism before making the switch to business audiences. A Qontoer since 2021, his focus is on writing copy that speaks frankly and directly to customers.
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