Analysis of compensation of banks and savings banks for payment services - 2017

The Bank of Slovenia has once again drawn up its annual Analysis of fees charged by banks and savings banks for payment services, and calculation of the costs of payment service baskets (hereinafter: the analysis), for the ninth consecutive year, covering 12 banks and three savings banks.

The analysis allows payment service users (individual consumers and legal entities) to compare the fees that they are charged for specific payment services by payment service providers, and the calculated costs of payment service baskets (on an annual basis), thereby making it simpler to choose the most suitable or cheapest payment service providers (with regard to their payment habits and the size of their payments). By publishing the fees, the Bank of Slovenia aims to help payment service users in making an informed decision in choosing a payment service provider, but it cannot directly influence the level of fees (this is the domain of the individual payment service providers). 

Of the total of 21 payment service segments analysed, the average fees as at 31 December 2017 were up on 31 December 2016 in 12 segments, down in six segments, and unchanged in three segments. The largest increase (of 28.57%) was recorded by the average fee for external payments by standing order for individual consumers, which can at least be partly attributed to the redirection of payment service users to a more cost-effective alternative (e.g. direct debits), while there was a decline (of 3.85%) in the average fee for managing a current account for individual consumers.

Payment service users can also compare payment service providers on the basis of the costs that the particular provider would charge for providing payment services. The annual charge differs with regard to the payment service provider’s business methods, i.e. whether the client uses a bank teller for payment (a traditional client) or electronic banking (an e-client).

Costs of payment service baskets of cheapest and most expensive payment service providers

 

By 31 October 2018 Slovenian payment service users (individual consumers) will also be able to compare (certain) fees at the EU level, through the creation of comparison websites in Member States (in Slovenia: at the Bank of Slovenia), in accordance with the Directive on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features, which was transposed into Slovenian law by the new Payment Services and Systems Act. The improved transparency of fees at the EU level will make it easier for payment service users to choose between more than 4,000 payment service providers in the EU, irrespective of country of origin.