Banks’ and savings banks’ payment services mostly rose in price last year; updated comparison of cost of payment service baskets
Last year banks and savings banks raised the prices of the majority of their payment services. The rises in average fees were larger in the traditional segments (e.g. counter payments), and lower in the segments considered more efficient (e.g. online banking payments). This is the key finding of the Bank of Slovenia’s latest analysis of fees for payment services, which covered 15 banks and savings banks. The analysis also provides a comparison of the cost of various baskets of payment services, which makes it easier for users to find their preferred provider.
Of the total of 21 payment service segments analysed, the average fees rose last year in 15 segments, fell in two segments, and remained unchanged in four segments. The largest increase (of 25.00%) was recorded by the average fees for inward payments by legal entities, while there was a fall (of 8.70%) in the average fees for internal retail credit transfers by consumers via electronic banking channels. The rises in average fees were larger in the traditional segments (e.g. counter payments), and lower in the segments considered more efficient (e.g. online banking payments). The Bank of Slovenia also attributes this pattern to the costs of payment service providers, who in this way are directing users to more cost-efficient methods of payment.
The Bank of Slovenia also calculates the costs of baskets of payment services, on the basis of which users can judge which provider best suits them. Given the large volume of transactions and the higher fees, there is a wider gap between the cheapest and most expensive providers in the legal entities segment.
Figure: Costs of payment service baskets of cheapest and most expensive payment service providers
| 2018 | Bank of Slovenia basket: consumersv |
Bank of Slovenia basket: legal entities |
||
| Payment service provider | Traditional customer |
Electronic banking customer |
Traditional customer |
Electronic banking customer |
| Abanka d.d. | 103.96 | 52.48 | 914.44 | 461.57 |
| Addiko Bank d.d. | 114.20 | 51.17 | 876.91 | 454.81 |
| Banka Intesa Sanpaolo d.d. | 93.89 | 37.79 | 913.94 | 484.12 |
| Banka Sparkasse d.d. | 92.17 | 43.33 | 1.064.90 | 557.00 |
| BKS Bank AG | 92.58 | 43.41 | 643.80 | 358.95 |
| Delavska hranilnica d.d. | 31.85 | 27.23 | 571.14 | 231.74 |
| Deželna banka Slovenije d.d. | 86.29 | 45.04 | 667.10 | 358.15 |
| Gorenjska banka d.d. | 102.17 | 49.37 | 877.62 | 469.50 |
| Hranilnica LON d.d. | 137.99 | 46.25 | 1.054.62 | 298.99 |
| NLB d.d. | 122.23 | 56.23 | 1.322.06 | 470.56 |
| Nova KBM d.d. | 107.42 | 49.01 | 867.98 | 446.01 |
| Primorska hranilnica Vipava d.d. | 48.42 | 31.92 | 376.80 | 194.90 |
| Sberbank banka d.d. | 122.14 | 53.17 | 908.78 | 443.10 |
| SKB banka d.d. | 169.71 | 51.57 | 1.123.12 | 485.62 |
| UniCredit Banka Slovenija d.d. | 107.91 | 52.47 | 1.067.80 | 507.20 |
A comparison of the annual cost of payment services is also provided for consumers by the Slovenian Consumers’ Association (SCA) through its banking service price comparison tool. Its activities in providing information for consumers are also supported financially by the Bank of Slovenia. The purpose is to ensure that consumers are as informed as possible about the fees for payment services, to allow them to compare annual costs with regard to their payment habits and the amount of payments that they make, and not least to make it easier to choose a payment service provider. The price comparison tool is available to all consumers on the SCA website.