Business And Markets

Higher Bank Fees Come Into Effect

Higher Bank Fees Come Into EffectHigher Bank Fees Come Into Effect

As per a bylaw sent to banks and credit institutions new fees come into effect today (Nov. 21).  
Banks, including state and private plus credit institutions are obliged to abide by the new rules, according to a notice published on the IBENA website, affiliated to Monetary and Banking Research institute.  
As per an earlier announcement by the Central Bank of Iran, transferring money through ATMs or mobile applications will cost 6,000 rials for each transaction up to 10 million rials. Customers will be charged an extra 2,400 rial for transferring every 10 million rials over and above the initial 10 million. ATMs are popular and used extensively in Iran.  
Transferring money using PAYA, Iran’s electronic clearing house, and SATNA, internationally known as Real Time Gross Settlement, will cost 0.02% of the transfer amount.
The charge for checking account balance will be 200 rials, double the current rate. Customers will have to pay 1,500 rials if they need to check details of the 10 last transactions of their account(s). 
Services such as providing cards, issuing guarantee letters, transferring money, processing interest-free loans and opening LCs are among the main sources of income for banks.
However, as in the past customers will not be charged for making payments within the Shaparak Network, the domestic payment network.
The CBI has allowed lenders to offer up to 30% discount on charges to help promote competition. Bank fees have been unchanged for three years. 

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