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New time will start for bank accounts and money transfers

In recent years, the cost of banking services has risen steeply: 50% higher than before 2013.

The financial transaction tax also played a role in the significant price increase and in parallel with the significant increase in cash stock.

In July 2019, an instant credit system will be launched, bringing a whole new set of times and packet fees, which can bring down overall fees. In addition, a possible farewell to the transaction tax has been promised, which also points to cheaper banking if banks follow suit.

There may be major changes in day-to-day banking, and even the most frequently charged bank charges. Although there are no specifics yet, the prospects are for cheaper banking.

Percentages, hundreds and billions


According to recent government statements, the abolition of the financial transaction tax , which played a role in increasing bank charges , may be on the agenda . Officially, financial services charges have risen by roughly 50 percent compared to pre-2013 levels.

These services may become cheaper if the levy is abolished. In this year’s budget plan, the FTT, which represents more than $ 200 billion in state revenue, was not only responsible for raising bank fees, but also for more than doubling its cash stock in six years. In November 2018, it was close to $ 5,900 billion, up 125 percent from the November 2012 level.

New time begins in 2019


“This year will be a milestone in retail banking anyway. In January, banks began testing the so-called instant transfer system , which is expected to launch in July. With the help of this system, retail payments of $ 10 million will arrive immediately, within exactly 5 seconds.

This solution can also help to increase the cash-free turnover, “said Erika. Hungarian banks are currently using transaction-based pricing, whereas in many Western countries, packet-based pricing and the latter may result in lower fees for retail customers.

Differences between banks


It is too early to give an accurate forecast of how much the cost of everyday banking will change. On the one hand, because the exact charges for instant money transfers are not yet known, but banks are likely to come up with charges that will encourage the use of the system. On the other hand, there is no specific decision on the FTT farewell. In any case, the current outlook is that bank charges may be lower .

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