I couldn’t find this specific questioned addressed in the following link. I thought Dukascopy was what I was looking for, but after checking their fee structure, they charge $4.00 per month per $1,000 account balance. There are at least half a dozen banks that I’m aware of in the U.S. that don’t have maintenance or inactivity fees. Offshore, though, they are few and far between. Maybe it’s a cultural thing. Are there any offshore banks that offer $0 fees in monthly maintenance and that have no inactivity fees? What are your favorite banks and bank-like services around the world? 💸
All banks have to find money somewhere with which to pay their employees and return profits to their shareholders.
Banks in the US get to leverage deposits to make at least a little pocket change (not much, thanks Federal Reserve, but it’s at least > 0) and then make extra coin on selling their customers credit cards and other services, and then hitting their “no account maintenance fees” customers with fees for every possible service on the planet.
European banks do not have a beneficient Federal Reserve or positive interest rates to work with; they have a ECB or SNB and a negative interest rate environment. So they have to charge a fee for services rendered - in this case, the “service” rendered is being in existence in order to take your deposit in the first place.
(Ok ok yes someone like Activo manages to go without maint fees but they are few and far between and we’ll note that Activo itself is a subsidiary of Millenium.)
All banks services (Branch Banking) has some or the other fees attached to it, As far as fees are concerned looks like there is no escape from that. Refer the point Jeff has mentioned about the negative interest rate environment.so we end up paying some maintenance fees.
Activo provided no maintenance fee account ,Not to sure of any hidden charges, better check with them directly. Check their link below.
Yes Activo manages without fees (as mentioned on the website) but to open a online or remote account it is another hurdle. Didn’t worked for me.