Online Bank Transfer Waived Fees Extend Until Year Ends

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.

Financial institutions that decided to waive transfer fees for the rest of the year include the following:

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

Financial institutions that will waive the fees for both transactions until end-October are the following:

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