Banks Hiking Overseas Wire Transfer Fees|防制洗錢成本高 海外匯款手續費擬漲
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Banks charge all sorts of fees for overseas transfers. In addition to a minimum NT$100 processing fee, banks also charge a cable charge of NT$220. First Bank has announced a wire fee hike of 36 percent, bringing the fee up to NT$300.
To stop money laundering, public banks are hiking overseas transfer fees by over 30 percent. Many people are complaining.
Why are you hiking it 36 percent? To "prevent crime"? Us ordinary citizens (aren't involved in crime). Companies are the ones (with criminal activity).
Banks charge a processing fee and cable charge for overseas transfers. Up until now, this fee has been NT$220. First Bank was the first domestic bank to announce a fee hike of 36 percent to NT$300 going into effect on June 13. In the future, people will have pay fees of NT$400 to NT$1,100 to wire money overseas. Land Bank's hike will go into effect on June 18. Taiwan Business Bank says the hike reflects changes to financial laws aimed at deterring money laundering.
The so-called legal compliance cost is very high. Details of every transaction, including sender and recipient, are carefully reviewed. Right now, the cost for banks is pretty high.
Chang Hwa Bank is expected to hike its overseas transfer fee in July. Bank officials say fees for domestic inter-bank cash exchange and foreign currency exchange transactions could go up in the future as well.
Chang Hwa Bank is expected to hike its overseas transfer fee in July. Bank officials say fees for domestic inter-bank cash exchange and foreign currency exchange transactions could go up in the future as well.
