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• Cash Withdrawals: The fee remains unchanged at 3 % of the amount withdrawn at our own ATMs and 5% at ATMs of other institutions.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.

Instant payments have arrived to solve the delays of traditional systems, responding to an old need of companies and consumers.

Sending money instantly is also another of the benefits of instant payout, as it speeds up payments for workers, customers, and services.

In 2023, according to the Prime Time for Real-Time 2024 report, 19.1 % of all electronic transactions were real-time payments. Estimates for between now and 2028 are for an increase of over 25 %.

This instant payment solution allows for quick access to accounts or funds, “immediate notification upon receipt of a payment, the ability for these payments to be automatically reflected in customer accounts, and the importance of receiving remittance details along with payments made.”

Immediacy is undoubtedly the value most appreciated by corporations and customers, since the release of money is executed in seconds, as well as the customer’s access to the funds.

Undoubtedly, the collection and payment departments of companies appreciate the implementation of increasingly faster mechanisms without too much bureaucracy.

M.Pino

Source: elcomercio

(Reference image source: Getty Images for Unsplash+)

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La entrada Instant payments are the current ally of customers and companies apareció primero en Bitfinance.