Shinhan Bank Permanently Waives All Mobile and Internet Banking Transfer Fees

First Among Commercial Banks

[Asia Economy Reporter Yoo Je-hoon] Shinhan Bank announced on the 1st that it will permanently waive all fees for interbank transfers and interbank automatic transfer fees on its mobile application New SOL and internet banking, becoming the first commercial bank to do so.

Previously, customers were charged 500 KRW per transaction for transfers to other banks via mobile and internet banking, and 300 KRW per transaction for automatic transfers to other banks. Only customers who met certain transaction criteria and fee exemption standards were exempt from these fees.

The fee waiver is the first initiative swiftly implemented under the leadership of Shinhan Bank President Han Yong-gu, who took office on December 30 last year. This move continues and develops the 'customer-centric' management philosophy of his predecessor, Jin Ok-dong, the designated Chairman of Shinhan Financial Group, the company explained.

At a press conference last month, President Han said, "As a leading bank, we are deeply reviewing how to fulfill our social responsibilities," adding, "We will implement the transfer fee waiver as soon as possible as a way to return profits to society." He continued, "Customer-centricity is a fundamental principle for Shinhan to become a first-class company," emphasizing, "The transfer fee waiver will be a message for customers and society, and I hope all banks will join this effort."