State Bank slaps fee on online money transfer of over Rs25,000

By: News Desk      Published: 12:54 PM, 17 Jun, 2021
State Bank slaps fee on online money transfer of over Rs25,000
File photo of State Bank of Pakistan.

In what could be termed a strange order given by the State Bank of Pakistan (SBP), it has imposed a transaction fee on the interbank money transfer, reported 24NewsHD TV channel on Thursday.

According to details, the fee will have to be paid on the money transfer of over Rs25,000 at the rate of 0.1 percent or Rs200.

Only the transfer of Rs25,000 every month will be exempted from the fee.

The 24News TV channel has learned that the increasing tendency in people to transfer money online has led to the decision, and furthermore, the imposition of fee would benefit the banks.

The SBP, too, in its tweet, has confirmed the development, saying this will enable service providers to recover part of their costs and help them in building sustainable innovative business models.