Are you tired of paying hidden monthly bank account fees? You're not alone. Many people are looking for ways to avoid such charges, after all, they want to protect their hard-earned money. That’s why the question “does every bank have a monthly fee?” is crucial.
Do you want to know more? Then let's get started!
What are monthly fees and why do financial services have these types of charges?
Monthly fees are payments made to the financial service provider for the use of such services by clients. It is normal for these commissions to be charged, since in one way or another, providing these services involves operating costs. It should be noted that all providers define when they will charge for offering their financial products and set their rates autonomously. However, not all of them give clear information on this matter from the beginning, which is vital for the user when it comes to understanding and making the most appropriate decision.
For example, traditional banks rely on procedures with physical documents, which must be signed by the client. In this pile of papers there are, in many cases, conditions and commissions in small print, imperceptible to the client at the time of signing, which takes people by surprise when they have to pay for them without even understanding why. This, undoubtedly, can make the user feel somewhat deceived.
However, in recent years, the rise of mobile banking has provided more options for people looking for clear and fair fees. Neobanks have nothing to hide in the fine print, much less extra charges. They regularly have much lower fees due to their 100% online nature, which makes them more affordable and eliminates additional costs.
And since we are a clients-oriented neobank, transparency is one of our principles, so the most important thing for us is your satisfaction. After all, our mission was to create accessible online banking for everyone. Blackcatcard users know all the advantages of opening an account with us and the possible costs that may apply. This allows them to understand what they are paying for in a fair way, without hidden fees!
What are the fees for a personal account in Blackcatcard?
With Blackcatcard online banking our clients can check 100% transparent commissions here. Of course, first of all we would like to point out that opening an IBAN for individuals at Blackcatcard is totally free. We are a fully online neobank with the highest technological advances, therefore our operation reduces to the maximum the operation costs. So in addition to being able to open your personal account at no cost, you will be able to use it with no monthly maintenance fee! To do otherwise would be unfair. That's why you can make the most of online and mobile banking in our Blackcatcard app, which is also free of charge. If you wish, per month you can make up to 5 free outgoing SEPA transfers to other accounts, and from the sixth one onwards there will be a small fee of 0.20 Euros. Of course, receiving incoming SEPA transfers has no fees or limits, as well as any other type of transaction between Blackcatcard users.
On the other hand, our clients can obtain for free and instantly a virtual card and, unlike many other financial providers, receive at home, without shipping costs to any country in the world, a plastic card to be able to use their money in their favorite stores without any kind of commission if they pay in Euros, among other currencies.
In some cases, a sector of our clients seek to divide their resources or increase their level of security by using different additional cards, which they obtain for only 7 Euros per card and a monthly maintenance fee of 2 Euros regardless of the number of additional cards they have! But if what you need is cash, with us you will be able to withdraw in any ATM in the EU up to 200 Euros per month free of charge, after which there will be a very small commission of 1% on the amount withdrawn. It is worth noting that with us you will receive online notifications on any transactions made with your IBAN or payment cards for free, something a traditional bank might charge for. But if you need to have all this information on paper, you can receive it for only 5 Euros.
While there are necessary commissions for the operating costs generated, our clients enjoy with our online and mobile banking many advantages that offset those costs. This is the case with the bonus programs offered by our partner FINTECH ASSETS OÜ in our fintech ecosystem. Users can choose between an outstanding 5% cashback for purchases on Google Play Store, 2% on Amazon or 0.1% for all purchases made with their payment card. Or if they prefer, they can receive 2.2% per annum on funds in the account.
In conclusion, fees for using an account are normal. The difference lies in the type of fee, why it is charged and the amount. At Blackcatcard we have optimized our financial services in order to offer them at the lowest possible cost, and all the conditions of our products are 100% transparent. In addition, thanks to our partner FINTECH ASSETS OÜ, our users can enjoy unique benefits. Certainly now that you know more details about online and mobile banking you can make the best decision. So why wait? Start taking control of your financial future!
Does mobile banking have fees?
It depends on the service you choose. Some financial services providers charge fees for certain products or transactions, such as ATM withdrawals or transfers. However, many neobanks offer low-fee accounts, making it easy to access banking services without worrying about additional costs, such as Blackcatcard personal accounts.
Is it possible to fully avoid mobile banking fees?
It may be difficult to fully avoid all fees. Nevertheless, by choosing an online banking service, as ours, you can minimize the fees you pay and save money right from the account opening.