Paying cash from an ATM is simply a regular thing for many. Unfortunately, this simple action can affect high, frequently hidden costs. More and more banks in Poland rise commissions for the usage of non-network equipment, and fees of up to PLN 10 per transaction are no longer rare. specified an amount, especially erstwhile paying a tiny sum, represents a crucial and painful amount for the portfolio of expenses. The problem becomes peculiarly severe erstwhile we urgently request cash and our bank's ATM is not around.
Fortunately, advanced commissions are not a sentence. There are proven and full legal methods to completely avoid additional charges, even utilizing ‘foreign’ devices. The key is knowing the terms of your own account and utilizing modern tools specified as BLIK or cashback service. cognition of erstwhile and how to pay money helps save up to a fewer 100 zlotys a year. It is worth learning these principles so as not to be amazed and knowingly manage your finances.
Free payouts only on your own network? That's the past.
The basic rule of banking is that withdrawals from ATMs belonging to the bank where we have an account are free of charge. This is the foundation on which most offers are based. The problem arises erstwhile the network of our own machines is limited and we are located in a location where competing institutions or independent operators specified as Euronet and Planet Cash dominate. In this situation, most customers are forced to bear additional costs.
However, the banking marketplace is dynamic and many financial institutions offer much more flexible conditions to attract customers. any banks, especially those that do not invest in their own extended ATM network, conclude contracts with external operators, guaranteeing their customers free withdrawals on their machines. Others go 1 step further, offering completely free withdrawals from all ATMs in Polandbut frequently under certain conditions. This may be a request to supply certain monthly account receipts (e.g. 1000 PLN) or to carry out respective card transactions in a month. Failure to meet these conditions may consequence not only in a payment fee but besides in a bill or card handling fee.
How much does a “foreign” ATM truly cost? The stakes go up
The commissions for the withdrawal of cash from a abroad ATM can be very varied and have steadily increased in fresh years. The lowest fees begin from about PLN 2-3, but the standard becomes the amount of PLN 5 per single operation. In utmost cases, as in Santander Bank Polska, a client who does not have a peculiar “Bank device package” (costing PLN 7 per month) will pay as much as PLN 10 for each withdrawal from another network device.
It is worth noting that the fee can be charged in 2 ways: as a fixed amount or as a percent of the sum paid (e.g. 3% of the value of the transaction, but not little than PLN 5). The second is peculiarly unfavourable erstwhile paying larger amounts. Banks besides usage conditional models. For example, in Bank Pekao you can number on 2 free withdrawals per month, provided that the account receives at least PLN 500 and a minimum of 1 card payment is made. In turn, in mBank free withdrawals from Planet Cash devices are available only from the amount of PLN 300 – the bank will charge a commission for lower payment. Therefore, it is essential to know the rules of your own account before utilizing an ATM.
How to avoid commissions? 2 tested ways you request to know
Even if your bank charges advanced fees, there are at least 2 effective methods for free cash withdrawal. They are simple, safe and increasingly accessible. Their cognition is the basis for informed management of individual finances.
The first and most popular solution is use of the BLIC mobile payment system. BLIC payout is treated by most banks as a mobile operation, not a standard card transaction. This makes it completely free in many cases, regardless of the ATM we use. The procedure is simple: in the ATM we choose the option “BLIC Payment”, we enter the amount and then we prescribe the 6-digit code generated in the mobile application of our bank and confirm the transaction on the smartphone. However, there is simply a request to stay vigilant – any banks are imposing restrictions. An example is ING Bank Śląski, where only the first BLIK payment per period is freeand each 1 costs PLN 5.
The second, highly applicable alternate is service cashback, or cash withdrawal while shopping. It is that by paying with a card for products in the store, at a gas station or at a pharmacy, we can ask the cashier to pay an additional amount. The money will be added to the bill and taken from our account, and we will receive it in cash. The advantage of this solution is the deficiency of any commission from the bank. It is an perfect option in smaller towns where access to ATMs is limited and the chain of cashback stores is very dense. The maximum single payment amount is usually PLN 1000.
Check your account and don't let the fees surprise you
The best way to avoid unnecessary costs is to act proactively. alternatively of nervously looking for information standing in front of an ATM, it is worth taking a fewer minutes to check the terms of your account. The most crucial paper is ‘Table of Fees and Commissions’which each bank makes available on its website and in its electronic banking system.
Most of the essential information can besides be found straight in the mobile bank application. It is worth to log in and look for a section on card and account charges. erstwhile planning to retreat cash, you should first check the app for a map of free ATMs. If there is no suitable device nearby, alternatives should be considered. Will BLIK pay be free? Or can cashback service be utilized in the close supermarket? A conscious approach to specified prosaic activities as paying money allows not only to spare, but besides to feel greater control over your own budget.
Read more:
Banks charge as much as 10 PLN for the salary. There's a simple way to avoid it!
