> Here (Iceland) it's free to transfer money between individuals via your bank.
Yes, but what’s the average Icelander’s monthly bank account fee?
In the US, it’s a bit fat zero.
Yes, but what’s the average Icelander’s monthly bank account fee?
In the US, it’s a bit fat zero.
Another fun fact: pretty much everyone here pays off their credit card every month.
The bank will close your account if you do not.
Of course there are exceptions, but this is the general rule.
(if you need money the bank will lend it to you and help you arrange payments)
https://files.consumerfinance.gov/f/201407_cfpb_report_data-... (PDF, page 9)
While there are fee-free checking accounts in the U.S., many of the largest banks only offer paid checking accounts that qualify for a monthly fee waiver if certain requirements (such as an average/minimum daily balance, an amount of monthly direct deposits, and/or a number of monthly debit card transactions) are met. However, U.S. credit unions tend to have more consumer-friendly offerings.
It seems you get what you pay for.
Was hard to find any info. The Only Iceland bank I did find after searching “monthly bank account fees in Iceland” had a link to a PDF of their fees in Icelandic only (my phone won’t translate pdfs), and that was linked from their English page for newcomers.