Big banks waive fees on mobile fund transfers

China’s top five banks are waiving fees for money transfers via mobile banking. After skipping the fee, the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, China Construction Bank and the Bank of Communications are now offer a free allowance of 5,000 yuan (€ 702) for online banking transfers.

According to a Shanghai Daily report, the measure has been taken to protect savers’ interest and improve banks’ service quality. The waiver was taken after the People’s Bank of China had urged banks to stop charging fees for online transfers amid a rapid growth of Internet-based payment services.

Most Chinese banks charge fees for fund transfers between banks, contributing to lenders’ intermediate income before the notice. By scrapping the fees the banks will also be able to deal with stiffer competition posed by third-party payment services such as Alibaba’s Alipay and Tencent’s Tenpay.

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