Through Official Gazette No. 46,427, dated July 31, the Central Bank of Venezuela established the new bank fees, effective immediately for all financial institutions in the country.

The new fees apply to bank transfers, check issuance, card replacement, instant payments, and other transactions, as indicated in the document:

• P2P and C2P Mobile Payment Fees: For person-to-person (P2P) and business-to-person (C2P) mobile payment services, fees are set between 0.30 % and 2 % of the transaction amount, with a minimum fee of Bs. 14.00, which also applies to instant debits and credits.
• Merchants: They must pay fees between 1.5 % and 2 % for debit card transactions and between 3 % and 5 % for credit card sales. The maximum monthly maintenance fee for point-of-sale equipment belonging to the bank is Bs. 23,771.00.
• Checkbooks: For individuals, the fee for issuing a checkbook of 25 checks increased from Bs. 36 to Bs. 425.
• ATMs and Basic Transactions: Fees for transactions such as inquiries, transaction rejections, transfers, and document issuance increased from Bs. 8 to Bs. 54; a 575 % increase applicable to in-person transactions at branches, our own ATMs, and ATMs of other banks.
• Cash Withdrawals: The fee remains unchanged at 3 % of the amount withdrawn at our own ATMs and 5% at ATMs of other institutions.
• Credit Cards and Cash Advances: The issuance and replacement of credit cards saw a similar increase to that of contactless debit cards, rising from Bs. 491 to Bs. 3,314. The fee for cash advances remains unchanged at 5 % of the total transaction amount.
• Card Replacement: The replacement fee for debit cards in case of theft, loss, or damage increased from Bs. 136 to Bs. 918 (a 574 % increase). The replacement fee for contactless debit cards increased from Bs. 491 to Bs. 3,314 (a 575 % increase).

The Official Gazette also establishes the fee schedule for other transactions, such as payroll deposits, foreign currency transactions, retail operations, purchases abroad, the purchase and sale of securities denominated in foreign currency, and transactions involving special taxpayers certified by the National Integrated Customs and Tax Administration Service (SENIAT).

M.Pino

Source: 2001online

(Reference image source: file)

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La entrada Central Bank of Venezuela updates banking fees apareció primero en Bitfinance.

The major global banks cut their staff by more than 60,000 during the year, making 2023 one of the most redundant fiscal years in the sector since the great global financial crisis, according to data compiled by the Financial Times.

According to the reference newspaper in the City, some 20 of the world’s largest banks will cut at least 61,905 jobs by 2023, down from the more than 140,000 jobs cut by the same lenders during the 2007-08 global financial crisis, but still one of the biggest job adjustments in the sector.

In previous years with large job losses in banking, such as 2015 and 2019, the paper notes that these largely responded to cuts between European institutions in response to historically low interest rates, but in 2023 about half of the accounting adjustment came from Wall Street lenders.

In this sense, investment banks suffered for the second year in a row a fall in their commissions due to the fall in public agreements and quotes, which led Wall Street to try to protect profit margins by cutting staff, in addition to the impact related to the acquisition of Credit Suisse by UBS, which has so far resulted in at least 13,000 fewer jobs.

Also, in many cases, lenders are reversing post-pandemic hiring, when repressed demand for transactions sparked a talent war among investment banks.

K. Tovar

With information from international media

(Reference image source: Louis Droege, Unsplash)

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La entrada 2023 was marked by layoffs in global banking apareció primero en Bitfinance.

China is starting to move away from the use of points of sale, and this is due in part to the bank fees that must be paid for their use. It is estimated that, for example, in the United States for every 100 dollars, the seller only enjoys 97.25.

In the Asian country they are now working under the modality of payments with QR codes, a system that has drastically changed transactions in supermarkets, gas stations, taxis and in various establishments.

In most countries of the world, payments are made up of cash and a list of banks and partners for “plastic money”, with VISA and MasterCard in the lead.

In China, Alipay and WeChat Pay, controlled by AliBaba, – owner of WeChat, the “WhatsApp of China” – that goes much further in terms of functions, barely compete.

Each user has a unique QR, also the businesses, and through the communicating with each other payments are completed. Banks and providers of debit and credit cards are left out of an equation that is expected to rise and with no signs that it is any fashion.

K. Tovar

Source: Xataka

La entrada China begins to stop using points of sale apareció primero en Bitfinance.