€5 you get charged for your ATM card is scrapped…
But there is something to replace it…
The old €5 charge that gets automatically taken out from your bank account each year is no more. In what was a surprise Budget 2016 announcement, Minister Michael Noonan said he is scrapping the €5 Stamp Duty which is charged on all debit and ATM cards.
However, he is replacing it with a 12c charge per ATM transaction which will come into play from 1 January next year. Those charges will be capped annually at either €2.50 or €5, depending on what card you use.
— taxback.com (@Taxback) October 13, 2015
There will also be no charge on debit card payments, which possibly could see Ireland fast becoming a cashless society.
Noonan said the decision is another way to incentivise electronic payments to help retailers across the country. The Minister also said retailers now have no excuse to insist on minimum spends for debit card use.
From the end of this month, the transaction limit for contactless payment cards is being raised from €15 to €30.