The data shows: Who is the cheapest bank in the banking system in transaction fees?

Bank Yahav is the cheapest in terms of transaction fees in the banking system, according to the banking supervision data submitted yesterday to the Knesset’s Economic Committee.

According to the data, Bank Yahav charges a fee of NIS 1.2 for a direct transaction (on the Internet or by automated means). He also charges the lowest fee (NIS 4) for an operation done through a clerk. This is the fee charged for depositing cash, transferring to an account, depositing a check, paying a voucher and more.

On the other hand, the highest “Aroz Direct” fee (2 NIS per action) is charged by Bank Mercantile and Bank Masad. Massad charges 2 shekels for such an operation, when until a year ago the amount of his commission was 2.9 shekels. The highest “clerk fee” (NIS 6.8 per transaction) is charged in Mizrachi Tefahot.

Over the past year, the two major banks (Hapoalim and Aumi) adjusted their commission policies. Bank Hapoalim increased the “Direct Channel” commission from NIS 1.35 per transaction to NIS 1.75 per transaction. On the other hand, he lowered the transaction fee through a clerk from NIS 6.5 to NIS 5.3.

The clerk’s fee at Leumi (NIS 5.5) is somewhat higher compared to Bank Hapoalim. On the other hand, the direct fee at Leumi (NIS 1.65) is somewhat lower compared to Bank Hapoalim. Bank customers can purchase a basket of commissions for NIS 10-22 per month, thus saving the payment of commissions for specific operations.

According to the supervisory data, in 2021 there was a 47% decrease in commission income compared to 2008, attributed to the switch to direct channels. The cost of managing a current account decreased by 4.7% compared to 2020, and amounted to 10.8 NIS on average. In the last decade, the cost of managing a current account decreased from 20.4 NIS to 10.8 NIS.

The cost of using debit cards increased by 7.7% to NIS 13.8, and was due to an increase in revenue from transaction fees and foreign currency withdrawals. The average cost of managing the current account and holding debit cards increased in 2021 by 1.9%, and stands at NIS 24.6 per month. The total revenue from commissions amounted to NIS 5.81 billion.

The Supervisor of Banks Yair Avidan: “The ‘basic route’ service is supervised, and allows you to receive a package of basic services at a discounted price of 10 shekels. We have also included in the supervision a clerk’s fee, a direct channel fee, an extended route and an extended route plus.”

According to him, “The supervision places an emphasis on placing the customer at the center. I again call on the public to use direct channels and digital means that are cheaper than operations through a clerk, and to examine the viability of the route service for them.”

Yair Avidan (Photo: Bank of Israel Spokesperson)

Source: – כלכלה בארץ by

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