French bank fees to reduce for instant transfers and ATM withdrawals
The changes are set to come into force from this autumn
The new ‘single’ Cash Services ATM will work for clients from banks including BNP Paribas, Société Générale, Crédit Mutuel, and CIC
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Several leading French banks are set to reduce their fees for cash withdrawals and instant transfers, via a new single ‘Cash Services’ ATM system.
The banks BNP Paribas, Société Générale, Crédit Mutuel, and CIC have decided to install a new type of ATM offering called ‘Cash Services’, which will enable clients of these banks to withdraw cash without being charged extra fees.
Withdrawals from other branded ATMs belonging to a different bank to the client’s own will still be charged.
Transfers between accounts are also set to change too, as new European regulations states that banks must enable clients to make instant payments at no extra cost.
Read also: Why will French bank not allow me to make a transfer?
Customers of French banks will, under these new rules, be able to make instant transfers between bank accounts - and payments - at the same cost as a standard transfer (which can take several working days).
Free instant transfers are expected to become the norm once the legislation comes into force in autumn 2024.
Read also: French banks to be obliged to offer free instant transfers - but when?
Until then, customers may be charged for withdrawals and transfers. International transfers may also incur extra costs.
