Is the Era of Zero Transfer Fees Coming? Banks Sequentially 'Waive' Charges

[Asia Economy Reporter Bu Aeri] Not only internet-only banks but also major commercial banks have entered an era of free transfer fees.

According to the financial sector on the 24th, KB Kookmin Bank has waived all transfer fees for transfers to other banks via KB Star Banking, mobile, and internet banking since the 19th.

With the implementation of the transfer fee waiver, individuals and sole proprietors can now use interbank transfer services without fees through mobile and internet banking.

KB Kookmin Bank explained that the financial burden on vulnerable groups and sole proprietors has been reduced. A KB Kookmin Bank official stated, "We decided to waive the transfer fees this time to ease the financial burden on financial consumers such as small business owners."

Shinhan Bank was the first among major commercial banks to declare a fee waiver on the 1st. Shinhan Bank President Han Yong-gu announced that transfer fees and automatic transfer fees to other banks via the mobile banking app 'New Sol' and internet banking will be permanently waived.

Regarding this, President Han said in an earlier interview with Asia Economy, "It will not only reduce the burden on customers but also remove barriers to digital banking access for customers."

NH Nonghyup Bank also announced that starting from March, it will completely waive electronic financial transfer fees for all customers using NH All One Bank.

Following Shinhan, KB Kookmin Bank, and Nonghyup Bank have joined in, and there are many expectations that Hana Bank and Woori Bank will also implement fee waivers.

Banks, which have faced public criticism over the controversy of 'interest profiteering,' are increasing consumer benefits from the beginning of the year. Moreover, financial authorities are emphasizing social responsibility toward the banking sector, and banks appear busy preparing countermeasures.

Earlier, Financial Supervisory Service Governor Lee Bok-hyun said, "Banks are services used by the majority of the people, but if two-thirds of the profits are used for shareholder returns and performance bonuses, shouldn't about one-third be considered as the people's share?"

This content was produced with the assistance of AI translation services.