Wechat withdrawals will have to pay processing fees

WeChat Payment launched a new policy: starting from March 1st, WeChat payment will stop collecting fees for transfer functions, and at the same time, it will start to collect handling fees for the cash withdrawal function. If the cumulative amount exceeds RMB 1,000, the fee will be charged at the bank fee rate. (Current rates are 0.1%), with a minimum of 0.1 yuan each.

WeChat team gives a new policy description:

From March 1st, 2016, WeChat pays the fee adjustment fee, from the change to the bank card's excess withdrawal fee, and the transfer resumes free;

Calculated from March 1st, each user (the ID card dimension) has a lifetime free accumulative quota of RMB 1,000. If the user exceeds RMB 1,000, he will be charged a fee based on the bank fee rate. The current rate is 0.1% and the minimum is 0.1. yuan;

The WeChat payment team is actively communicating with the banks and strives to realize the transfer of funds and cash withdrawals as early as possible.

Other functions such as WeChat red envelopes and AA collections are not affected and continue to be free of handling charges.

The WeChat team stated that for each transaction based on WeChat payment, as long as the bank card is deducted, the bank will in fact charge a transaction fee to WeChat regardless of the amount. These costs have always been borne by WeChat. With the gradual increase in the number of WeChat payment users and transactions, the cost pressure is also increasing. The tactical adjustment is hoping to subsidize part of the huge cost.