Best way to reduce banking fees

dubliner8 said:
I attempted to open a MoneyManager account with EBS as well, but I'm lost as to how I get set up on online banking with them... The codes required don't seem to have come in the post.
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I have one of these accounts for the last 10 years. All I use it for is their debit card and atm. (I get wages put in monthly) They are pre-historic in all aspects. They have a Card Manager app to allow large payments. They also have another app called Authenticator which allows you to log in to your online account. They are a bit like a clunky SMS service which you need to hit confirm in. Both are pure rubbish of course but when you get them setup and start using them, it gets a bit better. As you can imagine with Dinosaurs, you need two separate original pins and then you need to ring them again to prove it's you for both cases. If you get a new phone, it's start all over again. One stopped working for me (Authenticator) after about a year but they do allow a one time code from same app to override the fact that you didn't get a notification. I fixed it since by new pin and reinstall of the app.
BUT they're free and given the awkwardness of setting up online stuff it may deter the masses and hopefully the fraudsters.
 
I’ve zero bank fees.
I use Revolut for everything for years and have my salary paid into it. About a year or two before Ulster Bank left they started charging for every contactless payment which is when I made the move to Revolut. Electricity, phone, internet, health insurance, etc all come out of Revolut without fees. As a result of this site I moved most of my money to Trade Republic to earn interest and also for security not having too much in Revolut. When the salary comes in the mortgage goes out and a % goes to Trade Republic. If I’ve a very expensive month I transfer a bit back to Revolut from Trade Republic which is instant and free. If I was locked out Trade Republic have a card that will tie me over.


Reading through this thread made me think about the tax on debit cards. I haven't paid it in the last few years as I use the virtual debit card and have it linked through Google Pay which I use to tap. Is that right? You only pay tax on the physical debit card? I have the physical card at home in a drawer but don’t use it so I’ve never paid the tax.
 
You would only be charged if you take money out at an ATM.
This is capped at €2.50 for ATM cards and €5 for combined (ATM and debit) cards.
 
I have never paid fees, I was shocked to learn it was actually even a real thing when I moved down here from the North. Initially I setup with KBC who didn't charge fees as long as my wages were paid into the account on a monthly basis. Then since KBC left Ireland I have used a combination of the basic free accounts from N26 and Revolut in order to avoid fees. But I am not totally against the idea of fees if I believe their is true value or benefit. For example, I have considered potentially looking at paying for a premium Bunq account as I like the idea of having loads of sub-accounts with their own separate IBAN's.
 
I'm with BoI and pay €6 a month.

I really don't get the levels of frustration and angst that people get with bank charges. I use Apple Wallet multiple times a day...which is connected to my BoI account. It costs money to run and maintain the tech to enable me to do all this with a click on my phone. Add in the additional level of security that you get from a pillar bank compare to some of the tech banks, it's a fee I am happy to pay.

Anyway, €6 a month isn't much. The price of a pint.

I'll sweat the bigger things, that will have a bigger outcome on my financial future.
 
Knuttell said:
I wouldn't use Revolut for anything larger than a 100eur and def wouldn't use it for my salary....It's fine until everything goes frank spenser and you get scammed.
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Hey Knutell,

I’ve actually been using Revolut for receiving my salary for a while now and haven’t run into any issues. To protect yourself from potential scams or issues like card cloning, I’d recommend using two-factor authentication for added security. Also, using virtual cards for online payments and Google Wallet for contactless payments can be quite effective in minimizing risks.

I’m a Metal user, and even my car insurance has become cheaper. Revolut, in partnership with AIG, offered me a comprehensive insurance policy for just €300—never had insurance that affordable before!

Revolut also has an office at Grand Canal Dock. It seems like fintechs are really shaking up the traditional Irish banking scene, and it’ll be interesting to see if the banks adapt or struggle to keep up.

Cheers!
 
Ualtar said:
I’m a Metal user, and even my car insurance has become cheaper. Revolut, in partnership with AIG, offered me a comprehensive insurance policy for just €300—never had insurance that affordable before!
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If it sounds too good to be true, it almost certainly is.

Circa 20 years ago, we switched our house insurance to AA Insurance for a similarly attractive deal. A good while later, our mortgage company contacted us to ask what had happened our insurance. It turned out the clowns had insured us for contents only.
 
T McGibney said:
If it sounds too good to be true, it almost certainly is.

Circa 20 years ago, we switched our house insurance to AA Insurance for a similarly attractive deal. A good while later, our mortgage company contacted us to ask what had happened our insurance. It turned out the clowns had insured us for contents only.
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Hi,

I understand your concerns about deals that seem too good to be true. However, I’ve been using the insurance through AIG offered by Revolut for the past two months and haven’t had any issues so far. I received all the necessary documentation, the insurance disc, and everything associated with it.

Just to note, I haven’t had any claims or penalty points in over 7 years, so that might help with my experience. Hopefully, this adds a bit more reassurance!

Cheers!
 
Is it possible you could or would have gotton the same or a better rate by going to AIG directly? Both cars here are with AIG and Both under €300 for comprehensive cover, 1.6 and 2.0 Diesels respectively.
 
ArthurMcB said:
Why?
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Not fully sold on it @ArthurMcB which is why I haven't pulled the trigger as of yet, but I think it could possibly make it easier for budgeting and having a variety of different sinking funds. It could also make things overly complex too so I'm undecided on the idea.
 
Steven Barrett said:
I'm with BoI and pay €6 a month.

I really don't get the levels of frustration and angst that people get with bank charges. I use Apple Wallet multiple times a day...which is connected to my BoI account. It costs money to run and maintain the tech to enable me to do all this with a click on my phone. Add in the additional level of security that you get from a pillar bank compare to some of the tech banks, it's a fee I am happy to pay.

Anyway, €6 a month isn't much. The price of a pint.

I'll sweat the bigger things, that will have a bigger outcome on my financial future.
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Hi Steven I’m with AIB and I’m very glad of this thread. 6 euro a month 72 or thereabouts would be reasonable. If I was on a fixed income, it becomes even more important to examine fees. I had a mortgage with AIB then BOI, but have salary Debit card, current a/c and saving (small ) in 7 day notice account with AIB. My fees are exorbitant with AIB and I have been with a customer of theirs for years. I believe my biggest fees are re withdrawals, from debit card and maybe direct debits are my most expensive fees and I’m thinking of a Revolute account or N26 but am cautious re watching lack of follow up ref customer service.
 
OrangeLavender said:
My yearly fees were in or around yours a couple of years ago and I have it down to under €40 for the whole year by doing the following things:

- One large transfer monthly to Revolut for my estimated monthly total of all direct debits and cash I might need
- Daily spending on the credit card & move all monthly subscriptions to credit card
- Never use my AIB debit card
- Use Revolut for all direct debits, transfers to other accounts etc.
- AIB account is only really used for incoming pay, payment of credit card and Revolut transfer each once per month.

I know it seems like a lot of work but I just got into the habit of it now. Hope it helps to see how someone else managed to get their AIB banking costs down significantly. They really add up but I do like the security of a traditional bank and I like their app.
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Yes for sure . We are a joint account and 400-500 contactless transactions with AIB debit card adds up.
I use Revolut but I never copped and neither did my partner realise contactless with a debit card adds up. Contactless with Revolut ( not card ) is free.
Sounds silly assuming all contactless was the same thing . But we will have saved 80 odd euro there .
 
Homewardbound11 said:
We are a joint account and 400-500 contactless transactions with AIB debit card adds up.
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Are contactless transactions not free?

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I don't think that this has changed.

Fees and Charges​

No transaction fees apply to credit cards. For debit cards the transaction fee is waived on contactless transactions until further notice, additional charges may apply when using your card abroad. Foreign currency fees and charges are detailed in our ‘Schedule of International Charges’. These brochures are also available from any AIB Branch.
 
The most recent annual fee statement I have is to Feb 2023.

Account maintenance 4 x €4.50
68 Direct Debits excluding cards @ 20 cents
4 standing orders @20 cents
Stamp duty (on cheques?)
14 ATM withdrawals @ 35 cents
1 ATM currency conversion and commission @ 10.15
31 contactless @ 0
248 debit card purchases @ 20 cents - see next post.
13 purchases of forex - total €5.85 (1.75%)
55 automated credits @20cents
36 automated debits @20cents
2 in branch withdrawals @ 39 cents
3 lodgements @39 cents
 
Brendan Burgess said:
248 debit card purchases @ 20 cents - see next post.
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This really surprises me.

What is a debit card purchase vs. contactless?

I use Apple Pay all the time now but I doubt it would have been that different 2 years ago. I would have tapped my card a bit more than my phone maybe.

Is a debit card purchase, where you put in your card and put in your number? 5 times a week seems a lot.

Maybe it includes online transactions?
 
Brendan Burgess said:
This really surprises me.

What is a debit card purchase vs. contactless?

I use Apple Pay all the time now but I doubt it would have been that different 2 years ago. I would have tapped my card a bit more than my phone maybe.

Is a debit card purchase, where you put in your card and put in your number? 5 times a week seems a lot.

Maybe it includes online transactions?
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Possibly any amount over the amount you can tap with your physical card before having to put your card in. Although Apple Pay is contactless even for large amounts, I think any amount over €30 or €50 or whatever the tap and pay limit is registers as a debit card transaction.
 
Ualtar said:
I’m a Metal user, and even my car insurance has become cheaper. Revolut, in partnership with AIG, offered me a comprehensive insurance policy for just €300—never had insurance that affordable before!
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It's €16 a month to have a Metal card. Unless you're an AIB user, it's more expensive than other banks!

Brendan Burgess said:
The most recent annual fee statement I have is to Feb 2023.

248 debit card purchases @ 20 cents - see next post.
55 automated credits @20cents
36 automated debits @20cents
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That's nuts!! Personal banking has become a commodity. Their main competitor is charging a flat fee of €6 a month and AIB are still charging individual transaction fees? And considering how many transactions people use a month, that is overcharging. I know I said don't sweat the small stuff, but AIB are clearly overcharging.
 
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