FSC Planning to Lower ATM Transfer Fees|銀行ATM小額轉帳 將調降手續費

Financial Supervisory Commission Chair Wellington Koo says the Commission is discussing the possibility of lowering fees for small-amount ATM transfers with financial holding companies and banks. A decision will be made at the end of this month at the earliest.

ATMs and banking apps can save a lot of time when people need to transfer money, but transfer fees add up. Currently, banks charge NT$ 15 for cross-bank ATM transfers, NT$ 5 for non-customer ATM withdrawals, and NT$ 15 for cross-bank online transfers. The Financial Supervisory Commission is exploring the possibility of lowering fees for small-amount ATM transfers.

People that often transfer large sums will not save as much.

Australia charges the least for cross-bank ATM transfers among all countries and transfers between alliance banks are free. China's fees are also low at an equivalent of NT$ 9. On the other end of the spectrum, transfer fees are over NT$ 1,000 in England and over NT$ 100 in Singapore and South Korea. The FSC plans to cancel fees for transfers under NT$500 and lower fees for transfers under NT$ 1,000 while also offering more incentives for online transfer than ATM transfers.

Reducing (processing fees) for small-amount transfers is not unprecedented. However, how much of an adjustment can be made is limited because there are set procedures in place and the cost of these procedures won't change.

The FSC plans to introduce different fee standards for ATM and online transfers. The new system will be finalized in the next few weeks and go into effect in 2020.