Japan Interbank Money Transfer Fees to Be Cut to 62 Yen

Economy

Tokyo, March 3 (Jiji Press)--Japan’s banking industry and financial regulators are in the final stages of talks on reducing interbank money transfer fees sharply, to around 62 yen, it has been learned.

The fees have remained unchanged for over 40 years, standing at 117 yen for a transfer of less than 30,000 yen and at 162 yen for 30,000 yen or more.

The planned reduction in the fees, seen to be implemented in October, will likely lead to cuts in remittance fees for businesses and individuals.

The Fair Trade Commission last year compiled a report seeking cuts in the interbank fees.

Japanese Banks’ Payment Clearing Network, which operates the system for money transfers between banks, plans to substantially cut the interbank fees through consultations with the Financial Services Agency and others, according to informed sources. A decision is expected to be made within this month, the sources said.

[Copyright The Jiji Press, Ltd.]

Jiji Press