Chinese Banks on Track to Cut Fees for Cross-bank ATM Debit Card Usage

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One of China’s big state-owned banks has slashed fees for use of its debit cards with the ATM’s of other lenders, in response to a push from peak industry bodies.

On 19 July Bank of China (BOC) announced that starting from 25 July 2021 it will reduce fees for use of its debit cards with the ATM’s of other lenders in other locations.

BOC said that it will cancel all fees for the use of its Great Wall Debit Card at ATM’s in other locations, as well as reduce fees for their use with the ATM’s of other banks in other locations to a maximum of 3.5 yuan per transaction (approx. USD$0.54).

The move comes in response to a recent initiative launched by the peak bodies for the Chinese banking and payment sectors to reduce fees for interbank debit card usage.

On 25 June the China Banking Association and the Payments and Clearing Association of China jointly issued the “Proposal on Reducing Cross-bank Withdrawal Processing Fees for Automatic Teller Machines” (关于降低自动取款机(ATM)跨行取现手续费的倡议书).

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