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Japan’s Watchdog Urges Banks To Reconsider Transfer Fees

By  |  April 21, 2020

Japan’s Fair Trade Commission announced on Tuesday, April 21, that domestic banks need to reconsider interbank transfer fees which are far higher than costs, adding the fees have not been changed for more than 40 years. 

“The level of interbank transfer fees has been maintained and this current situation should be redressed,” the antitrust watchdog said in a statement.

“From a competition policy perspective, banks need to reconsider whether the fees are necessary,” the regulator stated, adding it has found other countries including the US and Britain do not charge such fees.

While the interbank transfer fees should be decided by negotiation between banks, all banks set 117 yen for transferring less than 30,000 yen (US$280) and 162 yen for more than 30,000 yen, the watchdog’s survey showed.

Full Content: Freshfields

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