Some of banks and financial institutions in the Philippines will continue to waive fees for online fund transfers for the rest of 2020. While a few others extended their waived online transfer fees until end of October, such as Gcash and Paymaya. According to Central Bank, this is to encourage the public to transact through digital channels.
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said that with the digital transaction as the norm amid the Corona Virus, we thank the members of the Philippine Payments Management Inc., (PPMI) for extending their waiver fees for InstaPay and Peso Net. He added that this will go long way in the road for recovery.
InstaPay and PesoNet are private entities operated by a consortium of financial institutions. Both entities are overseen by the PPMI, which also sets the rules for their operations.
Asia United Bank Corporation
Bank of Commerce
Cebuana Lhuillier Rural Bank
China Bank Savings, Inc
China Banking Corporation
CIMB Bank Philippines, Inc. (free for PESONet since launch)
Citibank
CTBC Bank (Philippines) Corporation
DCPay
Development Bank of the Philippines
East West Banking Corporation
Equicom Savings Bank, Inc.
Hongkong and Shanghai Banking Corporation
HSBC Savings Bank
ING Bank, N.V
Land Bank of the Philippines
Maybank Philippines Inc.
Metropolitan Bank and Trust Company
Philippine Bank of Comminications
Philippine Business Bank
Philippine National Bank
Philippine Savings Bank
Philippine Veterans Ban
Rizal Commercial Banking Corporation
Robinsons Bank Corporation
Rural Bank of Guinobatan
Security Bank Corporation
Stanadard Chartered Bank
Sterling Bank of Asia, Inc.
Union Bank of the Philippines
United Coconut Planters Bank
Gcash
Paymaya
MUFG Bank,Ltd.
Banks and financial institutions waived these fees since the start of the COVID-19 lockdowns in March to encourage clients to use electronic banking channels instead of visiting bank branches. This was seen as a measure to help check the spread of COVID-19.
Source: BSP FB Official Page