Raiffeisen's new bank account package already includes the increased transaction tax
Raiffeisen Bank will launch a new retail account package on 21 November 2024 at 18:00. At the same time, the financial institution will discontinue the sale of the Activity 3.0, Prize Winner, Everyday 2.0, Base 2.0 and Online accounts.
In principle, there is nothing special about such a move, but with this decision, Raiffeisen Bank will in practice
introduce the increased transaction fee for retail accounts in some respects already this year.
The new Active account will see the reappearance of the increased transaction fee in several places. For example, the following fee will apply to out-of-bank transfers made via Netbank:
- up to HUF 50 000: HUF 0 - on special offer until 31.05.2025, the non-special offer fee: 0.15%,
- and for the total amount above HUF 50 000: 0.15%, minimum HUF 100, maximum HUF 15 000 and additional + 0.45%, maximum HUF 20 000
It is clear that there is a HUF 50,000 transfer limit for fees: for retail transfers, the transaction fee is not charged up to this amount. Moreover, for transfers above HUF 50,000, it is also clear that the fee is made up of two elements, one of which is equal to the amount of the transaction fee: 0.45%, up to a maximum of HUF 20,000.
Bankmonitor's experts have looked at the fees for packages where distribution is suspended. For the Activity 3.0, Prize Winner, Everyday 2.0 and Base 2.0 packages, in addition to the standard fee, the notice includes an additional 0.3% fee for transfers over HUF 50,000, up to a maximum of HUF 10,000, for the total amount of HUF 50,000. This is effectively the same as the previous transaction fee.
This means that for the new package, the bank will effectively start charging a fee based on the increased tax burden from 21 November.
But does this amount to a pass-through of the transaction tax? Basically, existing customers will not be affected by this move, they will be charged the fees corresponding to their previously existing package, i.e. they will not be passed on the increased levy. In fact, there is no announcement on the bank's website to suggest that this will happen next year.
There is also a package, the Yelloo account, which can still be opened with the financial institution and where the fees are charged on the basis of the old transaction tax.
It is a fact, however, that the newly launched package will be subject to the increased fees. In any case, it should be added that the new Active account can also be free of charge if certain conditions are met, and the bank does not charge a special fee for transfers of less than HUF 50,000 made via the netbank.
