Turkey lowers bank fees 8 times

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Turkey lowers bank fees 8 times

The commission for opening and managing an account falls

 

 

 

The Turkish government has lowered the fees and commissions that banks can collect from their customers.

The news was announced by the Turkish Central Bank and a banking regulator in our southeast neighbor, Reuters reports.
 
According to new regulations issued by the Turkish Banking Regulation and Supervision Agency, published in the State Gazette of the country, the bank commissions that private clients pay for opening and managing accounts are also eliminated.
 

The maximum fee for electronically transferring money through an ATM is fixed at 2 pounds, while up to 17 pounds.

The fee for such an operation through an ATM of a bank other than the one where the user's account is is reduced from 67 to 5 pounds.
 
The announced measures will reduce from 20 to 16 the different fees that banks can charge their corporate clients.

Turkish Finance Minister Berat Albayrak has announced that the upper limit on the fee that banks charge to their customers for electronically transferring money from 850 to 100 Turkish pounds will also be lowered.
 
"With every step we take, we continue to prioritize protecting our citizens' interests and reducing their costs," Albairak wrote on Twitter.

Apart from the Turkish central bank, they announced that the number of fees that banks can charge their private customers for their various products and services is reduced from 2400 to 51.

The fees in question are paid for four categories of products and services - loans, foreign trade, funds management and means of payment.
 

The central bank explains that the declines are caused by a sharp rise in consumer complaints, which have increased as the Turkish lira weakened against the dollar and the euro.

According to the regulator's statement under the current arrangements, commissions are far from the international average and can lead to excessive customer billing. The reduced rates are effective March 1 this year.