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Friday Jun 18 2021
Web Desk

How much will it cost you to make a funds transfer online? SBP's deputy governor explains

Web Desk

State Bank of Pakistan Deputy Governor Sima Kamil made some clarifications about the central bank's recent instructions to banks about changes to the pricing mechanism of inter-bank fund transfers online.

A maximum of Rs200 will be charged for a large transaction in one month, while online transfer of utility bills will not incur any transfer charges, Kamil said on Geo News programme Geo Pakistan.

Before the coronavirus pandemic, some banks used to charge Rs100 and some Rs400 for fund transfers, she said. But after the virus outbreak, SBP had waived all charges for online money transfers, she said.

Read what changes SBP has made to its pricing mechanism and how it affects you here

According to Kamil, after an improvement has been seen in the COVID-19 situation in Pakistan, a fee has now been fixed for the transfer of money. 

She explained that transactions up to Rs25,000 in a month will be free, while a transaction of Rs10,000 more than Rs25,000 will be charged at Rs 10.

The SBP deputy governor there will be no charges on online purchase transactions of up to Rs10,000 and transaction charges will be levied on online purchases of more than Rs25,000 in a month.