July 24, 2021

Where and how can you get money without paying commissions? | Economy

Where and how can you get money without paying commissions? | Economy



If the use of the credit card is being generalized for purchases (in 2017 the plastic in stores moved 135,246 million euros, 8.7% more than the previous year), data from the Bank of Spain on means of payment indicate that The use of cash also increases, although almost three times less. In the same period, the tellers took out 122,473 million euros, 3.5% more than in 2016. And it is just when you need money in banknotes that the customer of a bank has to get fully involved in the commission war that entities charge to withdraw cash from the ATM.

As a general rule, withdrawing money without paying commissions is only possible using a debit card in a teller of the bank that issued it or of the entities with which it has agreements. But there are alternative systems to obtain cash that, however, are not always known or whose operation is sometimes not so clear. Which are?

With an 'app', in the super box

Although banknote distributors that banks install outside of their offices or in places of high traffic, such as airports or stations, may be the only way to withdraw money that we all have in mind (along with going to the counter of the entity), two years ago also landed in Spain the so-called cashback. Translated from English as cash back, this expression indicates the possibility of withdrawing money in the cash register of an establishment. Very common in countries such as the United States, Mexico, the United Kingdom and the Netherlands, cashback arrived in Spain from the hand of the ING Direct bank.

Through its Twyp mobile application, the customer of any entity can ask for cash while paying for their purchase. You only need to select the amount of cash you want to obtain, enter the security PIN in the app and indicate to the seller the code that is generated. It can be used in Supercor, stores of the DIA group, in the Galp and Shell gas stations (including the DISA network in the Canary Islands) and in more than 1,000 tobacconists, for a total of 6,500 points of sale.

"The main advantage for the user is that it allows to withdraw money saving the commission and without other associated costs", underlines the spokeswoman of the Organization of Consumers and Users (OCU), Ileana Izverniceanu. "It also increases the points available to access cash, at a time when, especially in certain rural areas, banking offices are disappearing," he adds. The reverse of the coin? "Its use is not universal, but is limited to establishments with which the app has agreements, and it is necessary to make a purchase to use the service, "the spokeswoman replied. In the case of Twyp, there is not a minimum in the purchase, and the amount of money that the client can take goes from 20 euros to 150 euros, with a maximum of 1,000 euros per month.

On September 24, ING launched a pilot project to extend the cashback through Twyp also in the 2,000 points of sale of the ONCE in the Community of Madrid. "Once finalized, we will reach the rest of the Spanish geography," announced Twyp's business director, Cayetana Pablos. And, since the beginning of this month, thanks to the agreement with the Corte Inglés, customers will be able to use the app also in its supermarkets and Hipercor.

With the card of a 'neobanco'

The absence of commissions is also the main attraction of neobanks Y challenger banks, that is to say, those financial entities that emerged on the internet and do not have offices, so any interaction is done exclusively in a virtual way. This is the case of BNext, in which, after opening a mobile account without a payroll, a card is obtained contactless, which can also be used at any ATM to obtain free cash up to three times a month, both in Spain and abroad. In this last case, there will be no commissions for currency exchange.

The Revolut card in its standard version and that of Ferratum Bank, two other entities with accounts exclusively in mobile banking and without payroll, are similar to those of BNext. However, the first has a cost of issuance (6 euros) and allows withdrawing money from any ATM without commission with a limit of 200 euros per month, and the second up to four times per month. If the extraction is carried out outside the euro zone, through Revolut a monthly amount can be extracted that does not exceed the equivalent of 5,000 pounds sterling. Beyond this ceiling, 0.5% will be applied to the market exchange rate.

The gratuity of this type of operation is also guaranteed by another account with the same characteristics of the previous ones, which is issued by N26. With this card it is possible to withdraw cash up to five times a month, but outside the EU a commission of 1.70% will be paid. However, and contrary to what happens with BNext, you can sometimes use the ATMs with the plastics of Revolut, Ferratum and N26 have some cost, since these entities are not subject to the regulation of Spanish ATMs, as can be seen in a valuation of the OCU.

With Pibank, Mediolanum, Evo and Abanca

The same claim that the neobanks to attract customers ("free cashier, and if they charge you, we return the commissions") appears on the Pibank website, an entity of the Ecuadorian group Pichincha with offices in Madrid, Barcelona, ​​Valencia, Bilbao and Zaragoza. Your payroll account entitles you to a card with zero commissions at ATMs around the world.

Among the banks that, in order to deliver their card, demand the opening of a payroll account, Mediolanum guarantees the gratuity of 52 withdrawals per year, but applies a 1% commission when withdrawing money in a currency other than the euro. No commission will be applied either to use an ATM in Spain with the plastic of Evo Bank, although a minimum of 120 euros is required in the entities with which it has no agreements. Outside the euro zone, this amount amounts to 200 euros and Evo will apply its own exchange rate, which implies a surcharge of around 3% over the market rate.

Destined only for clients between 18 and 34 years old, the NX card of Abanca does not require depositing the payroll into its account and, in general, applies the commission envisaged by the cashier entity, but with exceptions, since, outside of Galicia, You can get free up to five times a month in the Euro 6000 circuit or in Bankia and Sabadell. Overseas, only five extractions per month will be free.

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