Can I make bank transfers without having to pay fees?
We are increasingly used to not carrying cash, since new forms of payment are being imposed, such as through mobile phones. Nowadays it is normal that, when sharing expenses between several people, one person makes the payment and the others send them a transfer. In these cases, and given the increasing frequency of these new habits, the question of whether it is possible to exchange money without fees becomes more and more important.
As we know, making a bank transfer consists of sending money from one account to another, most of the time between different holders. These transactions can be made within the same country, or between accounts from two different countries. And if they are made between accounts of the same bank, they are known as intrabank transfers. However, they often involve associated costs, although it will depend on the bank, the customer and the type of transaction (for example, those carried out online are usually free). In any case, the most common associated expense is transfer fees, although there may be one-off expenses, such as fees due to lack of information (when not all of the necessary information has been provided or if it is incorrect); the transfer cancellation fee; or the exchange rate fee when sending a transfer between countries with different currencies.
As we say, making this type of transaction without paying fees will depend on each case, and on each bank. We can see that many banks have eliminated them to improve their offer and gain more customers. There are some ways to get around them:
First of all, by using an account that does not charge fees. This is the most traditional way. As we mentioned before, it is very normal for financial institutions to offer accounts with no fees, especially if they are online accounts or accounts where salaries are paid in to. Although it is increasingly common for them to be offered without any type of commitment or condition.
In second place, through Bizum, an app to instantly send and receive money between individuals by mobile phone free of charge. It emerged in 2016, when several banks decided to partner to gain ground against other fintechs. Today there are a total of 26 associated entities, and each one has its own application. Its success lies in the speed, convenience and total security with which exchanges can be made, since it is not necessary to enter account numbers or the IBAN code: by associating your bank account with your telephone number, you will just need to have the recipient's contact information in your phone to transfer money, just as if it were a WhatsApp.