Bank transfer charges
No wonder our banks make millions in profits every year!
The Royal Bank of Scotland charges £5 to transfer funds to a Maltese bank. Bank of Valletta charges Lm9.50 to transfer these same funds to my company account held with HSBC Malta plc. This is irrespective of the amount transferred.
When I enquired with BOV they told me that these are their standard charges.
They informed me that the only solution is to open an account with the bank. Is this right? Don't I have the right to choose with whom I hold an account?
Is this not an abuse of the BOV monopolistic position in the sense that BOV is the only bank with whom the Royal Bank of Scotland corresponds in Malta?
I hope that the competent authorities investigate whether these charges are justifiable in this day and age where transactions are computerised and are made without any human intervention whatsoever.