The People's Bank of China recently promulgated The Circular on Standardizing Fees on Electronic Transfers (hereinafter referred as the "Circular").According to the Circular, policy banks, wholly state-owned commercial banks, joint-equity commercial banks, city commercial banks, and foreign-funded banks, as well as urban and rural cooperatives and their county (city) level cooperative unions (hereinafter referred as the "Institutions") that transfer funds through electronic transfer systems shall abide by the relevant provisions of The Circular on Standardizing Fees on Electronic Transfers by the State Development Planning Commission and the PBC (Planning Price [2001] No. 791 ) and may not charge postage and telegraph fees. Institutions that transfer funds through telegraph or mailing may charge telegraphic or postal fees according to standards by postal authority but may not charge transfer fees.For collection business through electronic transfer system, the collecting bank may charge one-way postage from the payee while the disbursing bank may charge electronic transfer fees from the payer according to the Circular on Standardizing Fees on Electronic Transfer by the State Development Planning Commission and the PBC. As for collection business through postal service system, the collecting bank may charge one way postage while the disbursing bank may charge postage or telegraph fees according to standard by the postal authority. Banks remitting for individuals without an account with it may charge fees according to the current standard, that is, one percent of the remitted funds but may not charge more than 50 yuan for each remittance and may not charge electronic transfer fees, postage or telegraph fees.
Date of last update
Nov. 29 2018
