Bank transfer refers to the act of transferring a certain amount of money from one account to another through the banking system and is a common payment method. Bank transfer can be divided into peer transfer and inter-bank transfer, peer transfer refers to the transfer-out account and the transfer-in account belong to the same bank, inter-bank transfer refers to the transfer-out account and the transfer-in account belong to different banks. Different bank transfers may charge different fees because banks need to use intermediaries to clear and settle the funds, and these intermediaries will charge the bank a fee, and the bank will pass these fees on to the customer.
The bank transfer fee consists of two parts, one is the bank's own fee standard, and the other part is the intermediary fee standard. Different banks may have different charging policies, which are generally determined according to factors such as the transfer amount, transfer method, and transfer channel. The fee standard of intermediaries is uniformly formulated by intermediaries, and different intermediaries may have different charging policies, which are generally determined according to factors such as the amount of transfer, transfer time, and transfer speed. The handling fee for bank transfer is generally borne by the sender, that is, the account of the sender will be deducted from the corresponding fee, and the account of the transferor will receive a net amount of funds.
At present, bank transfers in China are mainly realized through the following intermediaries:
The Large-Value Payment System (LVPS) of the People's Bank of China is established and operated by the People's Bank of China, mainly used to process large-value, high-priority real-time payment business, such as business lending, ** trading, foreign exchange trading, etc. The fee standard of LVPS is charged according to the transfer amount of 1/1000, with a minimum of 1 yuan and a maximum of 100 yuan.
The People's Bank of China's small-value payment system (BEPS): established and operated by the People's Bank of China, mainly used to process small, low-priority batch payment business, such as wages, social security, water and electricity bills, etc. BEPS charges 1/10,000 of the transfer amount, with a minimum of 01 yuan, up to 50 yuan.
China UnionPay Inter-bank Payment System (CUPS): Established and operated by China UnionPay, it is mainly used to process electronic payment services such as debit cards, credit cards, and prepaid cards across banks. The charging standard of cups is charged at 1/1000 of the transfer amount, with a minimum of 1 yuan and a maximum of 50 yuan.
Internet Banking Payment System (IBPS): Established and operated by the China Banking Association, it is mainly used to handle inter-bank online banking, mobile banking and other electronic payment services. The IBPS fee is charged at 1/1000th of the transfer amount, with a minimum of 0$5, up to $25.
Depending on the intermediary, different bank transfer fees are shown in the table below:
As can be seen from the above table, different transfer methods, transfer channels and transfer amounts will affect the amount of transfer fees. Generally speaking, the handling fee for intra-bank transfer is lower than that for inter-bank transfer, and the handling fee for online banking and mobile banking is lower than that for counters, and the higher the transfer amount, the higher the handling fee. Therefore, if you want to save on transfer fees, you can try to choose peer transfers, or use online and mobile banking, or divide large transfers into multiple small transfers.