Commercial Banks In China Now Offer Free Funds Transfer.

Image shows China Citic Bank logo.

Twelve Chinese commercial banks have announced the creation of an Internet finance alliance, allowing customers to enjoy online cross-bank fund transfers without being charged.

Under the framework, “mobile banking and personal online banking services will no longer charge clients fees for money transfers”, regardless of the amount.

The agreement also highlights the importance of interconnectivity of bank accounts, in order to attract more customers, by boosting account security, facilitating business or product innovation, as well as combating fraud.

China CITIC Bank is assuming the presidency of the alliance, to create a more open platform together with China Merchants Bank, Shanghai Pudong Development Bank, China Everbright Bank, Huaxia Bank, China Minsheng Bank, China Guangfa Bank, Industrial Bank, Ping An Bank, Hengfeng Bank, China Zheshang Bank and China Bohai Bank.

The five state-owned banks are not included in the alliance.