so you can avoid unexpected fees

Saving is not an easy task in a context in which there are so many ant expenses, or worse still those that we do not even know about. And most banks apply charges, which may not be very clear, in movements. Best Financial Habits from Bank o America, offers a guide to the most common ones, but also How can we prevent them from making a dent in our budget.

1. Maintenance charges

Many banking entities have ‘handling fees’ or rates specially designed for maintain checking or savings accounts. Some banks usually charge this fee only once, when opening an account, but others have monthly payments that are debited automatically. According to Bank o America, The average charge should not exceed 25 euros per month, although rewards accounts may cost a little more.

To avoid these charges, it is only necessary to maintain a minimum amount in the account, but it is not a guarantee, there are other requirements such as linking checking and savings accounts. Even so, It is advisable to review the rates before hiring a servicetraditional banks such as BBVA, Santander or CaixaBank offer the possibility of contracting accounts without charges to those under 30 years of age, or under certain conditions, and ‘Neo banks’ also have their respective advantages.

2. ATM charges

Most banks usually charge a fee for withdrawals that are carried out at ATMs that are not affiliated. The average commission is between 3 and 5 euros per withdrawal. It is worth mentioning that also It is advisable to consult the terms and conditionssince banks like Revolut, or N26 (without physical branches) have some types of accounts that exempt this fee.

Some entities offer in their applications maps and locations of your ATMs (ATM) free of charge.

3. Overdraft Fees

An overdraft occurs when you spend or withdraw more money than you have in your bank account, resulting in a negative balance. Banks usually charge penalties when this happens and also apply protection charges so that it doesn’t happen. This is debited by accessing money from a linked savings account, a credit card, a second checking account or a line of credit, according to Bank of America.

The average charge for protection is around 30 euros. However, some banks are making changes to overdraft fees, including Bank of America, which charges a fee of 10. To prevent overdrafts, simply turn on the alerts available in many banking apps to notify you when your balance drops below a certain amount.

4. Wire transfer

A wire transfer is a secure electronic method to move money directly from one bank account to another, either nationally or internationally. Is ideal for large sums of money, but generally involves fees for both the sender and the recipient of the amount. The price varies, but usually goes from 20 euros for national transfers, to 35 for those abroad.

There is no way to avoid these charges except by choosing another method to make the transfer. In this context, it is important study if it’s worth itbecause for some official transactions such as paying off a loan, it may be a good idea, while for others it may represent a waste of money.

5. Checkbook application

Checks on checking accounts are not free. While many banks offer some free of charge when opening a checkbook, there are circumstances where It is necessary to pay to purchase additional ones. It all depends on the style of check you select, the balance, or the direct deposit into the account.

6. Charges due to lack of funds

It is not advisable to make purchases or transactions for more than the money available in the account. This because The bank may decline or return the payment and also apply a charge for returned items. The solution is the same as overdrafts, set low balance alerts to notify you when your account balance is low.

7. International transactions

If you travel outside of Spain or the European Union, there may be charges when using debit cards or withdrawing money at an ATM. The commission varies by bank and It is usually around 3% of the amount withdrawn or purchased. When this happens, it is advisable to open an account in a bank that does not apply commissions for operations abroad.

If you already have one, you must check if your entity has agreements with banks in the destination country, as this can help you minimize or even avoid some charges.

8. Fees for applying for a card

If your card is lost or stops working, the bank will typically offer you a replacement in the form of a debit or ATM card. In many cases, standard shipping is free of charge, but if you need the new card urgently, for example, Through an express service, it is common for the entity to apply a commission.

To avoid paying more, the first thing is to check with your bank if the replacement is free in case of loss or theft, since many entities cover it at no cost. Additionally, as a preventive measure, it may be useful Add your card to a digital wallet on your mobile. This way, you can continue paying by phone using contactless systems.