New Limits on MB Way Transfer Fees Now in Effect
New rules are in place that limit the fees banks can charge for transfers made through platforms like MB Way. The new regulations aim to protect consumers from high fees. Transfers are free if they do not exceed €30 per transaction, €150 per month, or 25 transfers in that time. If these limits are exceeded, banks can charge a fee, but it is capped at 0.2% of the transfer amount for debit card transactions or instant transfers.
Concerns from Consumer Groups
In August, Deco, a consumer protection group, warned that fees for MB Way could increase due to the new rules. They sent a letter to the government asking for quick action to ensure fair fees. On October 2, the government responded by approving limits on bank fees for instant transfers, stating that the goal was to protect consumers.
What This Means for Digital Payments
As more people in Portugal use digital payment methods, these new rules aim to balance innovation in banking with consumer protection. Both banks and consumers will be watching closely to see how these changes affect services like MB Way in the future.
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