Do you want to save the 14 percent VAT on bank transaction charges that became operable on October 1? Here are a few tips.
Ask your bank manager how to obtain free banking facilities. By keeping a minimum balance in your account you avoid both bank charges and the VAT. You must however weigh this up against what your average monthly bank charges would be and the loss of interest on the amount of the minimum balance;
Limit the number of transactions;
Do transactions through your bank's ATMs. They are cheaper than those from the machines of another bank;
ATM transactions are generally cheaper than cheque book cash withdrawals;
Use a credit card rather than a bank account for your daily purchases as there are no individual charges on credit card transactions;
Remember, you are liable for VAT on all bank charges except interest. That includes service fees, charges for cheques, withdrawals, depositing cash, debit orders, buying travellers' cheques and annual credit card fees.