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In Lithuania, the average monthly fee for a business account is 3.22 euros, while in Estonia it is only 25 cents and in Poland it is 2.53 euros. It is true that in Latvia, companies pay even more on average: 5.47 euros, according to a comparison made by the Bank of Lithuania for the Budget and Finance Committee (BFK) of the Seimas.
Even more unfavorable are the scales when comparing the cost of 20 transfers (10 interbank and 10 internal) in our country and neighboring countries.
For example, in Lithuania, companies have to pay an average of € 6.37 for 20 transfers, compared to € 3.65 in Estonia and only € 1.4 in Poland. Even companies in the UK (€ 4.45) and Sweden (€ 1.4) pay less. In Latvia, companies pay a price similar to that of Lithuania, but slightly less: 6.27 euros.
Photo by Sigismund Gedvila / 15min / Money
When comparing the fees of commercial debit cards in Lithuania and neighboring countries, it turns out again that the appetite of commercial banks is greater in Lithuania. The average fee applied to a commercial debit card in Lithuania is 1.77 euros, while in Latvia – 1.48 euros, in Estonia – 1.63 euros. In Poland, meanwhile, the average price is just 12 cents.
Meanwhile, Lithuanian companies pay 28 cents to deposit cash into an ATM account, when it doesn’t cost a penny for companies from Latvia, Estonia or Poland.
Comparing the business plans, it can be seen that in Lithuania they cost between 4.5 and 12 euros per month, in Latvia – 7-10 euros, in Estonia – 3-7 euros.
The analysis also includes the fees for another service: depositing cash in the department account. Bringing 500 euros costs Lithuanians 3.33 euros; it is true that only Poles pay less (2.4 euros) and Latvians and Estonians pay more: 5 euros and 3.8 euros, respectively. Meanwhile, 4 thousand. Card payment price EUR and 4 thousand. the price of online payments accepted in Lithuania among the smallest.
Higher prices are due to less competition
These data will be reviewed by the Seimas Budget and Finance Committee (BFK) on Wednesday.
Chairman of the Committee Mykolas Majauskas 15 minutes He stated that Lithuanian companies pay higher bank fees due to less competition.
“Bank commissions for companies in many cases in Lithuania are higher than in neighboring countries. In my opinion, limited competition is one of the main reasons for this. This creates all opportunities for banks to increase the prices of services, knowing that companies have few alternatives, ”says M. Majauskas.
Valdo Kopūstas / 15min photo / Mykolas Majauskas
There are three large commercial banks operating in Lithuania, so experts have been paying attention to the oligopolistic situation for several years.
According to M. Majauskas, small companies are the ones that suffer the most, since they are forced to accept the conditions dictated by the banks as they are in a weaker negotiating position. Meanwhile, larger companies can also open accounts in other countries.
“Therefore, it is important to consistently split the concentration of banks by building a soft red carpet for new market entrants. In recent years, the Bank of Lithuania, together with the Ministry of Finance, has done a great and important job to attracting fintech companies. It’s important not to stop halfway now, “says the president of the Seimas BFK.
Incidentally, an analysis of the rates applied by only the three main banks shows that transfers to the Lithuanian company, both within the bank and to another bank, are the most expensive in the Baltic States at all three banks. The only exception is SEB Bank, which has the highest online transfer fees in Latvia.
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