China's five biggest banks scrap online transfer fees

Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications announced on Thursday that they would waive fees for mobile money transfer services in response to growing competition from online payment services, South China Morning Post reported, citing a joint statement from the country’s five largest banks. Customers will also be able to make online banking transfers for free if the amount does not exceed RMB5,000 (US$764.91). China’s central bank issued a notice in December requesting financial institutions to scrap online and mobile transfer fees following a surge in growth of internet payments services.