24 April 2019

Taiwan banks cut cross-strait remittance fees, paper says

Two Taiwan banks have cut processing fees for cross-strait remittances to reflect lower costs following the launch Monday of the island’s new foreign currency settlement platform, Apple Daily reported Tuesday, citing the banks. First Commercial Bank Co. Ltd. cut its fee to NT$320 (US$10.79) per transaction until the end of October and Hua Nan Commercial Bank Ltd. reduced its to about NT$300, both of which are about half the amount charged by local peers. Taiwan banks generally charge 0.05 percent of the renminbi remittance amount plus a NT$220 telegraph fee, the report said. The new platform was established in March by Financial Information Service Co. Ltd.

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