Polish banks reacting to Revolut's competition

(Liam) #1

While UK users are used to predominantly free banking, this is not the case for customers in all territories.

Banks in Poland, from what I can see, seem to have enjoyed being able to milk their customers regularly by applying interesting and creative charges for anything from using an ATM to an annual fee for having a debit card.

Here’s a quick look at some of the charges I found my three of the country’s major banks…

PKO BP mBank Getin Bank
Card service fee 0 Zł* 4 Zł 2.99 Zł
Using another bank’s ATM 5 Zł 5 Zł 5 Zł
Transfer money to foreign bank 50 Zł 20 Zł** 60 Zł

*upto 250Zł **free online

Some other banks have charges for maintaining an account, receiving a transfer or having in your possession a debit card.

It’s hardly surprising, therefore, that challengers, such as Revolut, start to look attractive to customers in Poland. This is particularly true of those who send money across borders or live (or have lived) abroad and have become accustomed to (the lack of) charges levied in other markets.

So is this where the local banks begin to change their model to prevent their market share from ebbing away?