Chinese Banks Reduce Online Banking Fees

Chongqing Chenbao, 5/22/09

The China Minsheng Banking Corporation issued a notice today that it will lower transaction fees for online bank transfers in order to decrease the pressure on tellers at physical banks. The fee for inter-regional transactions conducted at bank counters is currently 3% (with a minimum charge of RMB 5 and a maximum charge of RMB 50). Customers who use the online banking system will be charged only 1% (with minimum/maximum charges of RMB 1 and RMB 50). Intra-city transfers will be charged at RMB 5.5 per transaction at bank counters, and RMB 2 online.

The China Bank of Communications also issued a notice on May 18 saying that starting June 1, it would lower intra-city transfer costs for online banking users from the original 0.7% to 0.2%, with the maximum charge of RMB 50 being lowered to RMB 20.

Keywords: Minsheng Bank Bank of Communications Internet online banking

Feedback

Sending

Disclaimer

The information contained in this newsletter is based upon sources that Marbridge Consulting believes to be reliable, and we have made every effort to translate the original articles or article excerpts as faithfully as possible. However, Marbridge Consulting makes no warranty of and assumes no legal responsibility for the accuracy of either the original source material or the English language translations.

Marbridge Daily