Interoperable transaction from November 1: BB  | Business

According to the circular, sending bank, MFS and PSPs can take maximum 0.15 percent, 0.20 percent or 0.85 percent charges or fees respectively including VAT for transaction under interoperable system. No fee or charge may be collected from the recipient of the funds. The applicable fee must be collected solely from the sender’s account and must be clearly displayed to the customer before the fund transfer is executed. For fund transfers carried out under the interoperable system, defined transaction limits will apply. These limits will vary based on the type of account held with the respective...