Big 5 banks waive fees on fund transfers via mobile banking

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CHINA’S five biggest lenders yesterday said fees are waived for money transfers via mobile banking while a free allowance of 5,000 yuan (US$765) is offered for online banking transfers.

“This is a specific measure to protect savers’ interest and improve banks’ service quality,” said a joint statement from the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, China Construction Bank and the Bank of Communications.

The waiver, effective from yesterday, came after the People’s Bank of China sent a notice on December 25 to urge banks to stop charging fees for online transfers amid a rapid growth of Internet-based payment services.

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