Working on your budget for the rest of the year? Looks like you won’t need to worry about transfer fees for now, as Bangko Sentral ng Pilipinas (BSP) released a list of the 31 banks and financial institutions that will be waiving those until the end of the year.
Waiver of fees, EXTENDED!
The following banks and e-money issuers are extending their waiver of fees for InstaPay and PESONet transactions.
List updated as of 30 September 2020. pic.twitter.com/opDQDmeVY3
— Bangko Sentral (@BangkoSentral) September 30, 2020
“With digital transactions as the norm amid the coronavirus pandemic, we thank the members of the Philippine Payments Management Inc. (PPMI) for extending their waiver of fees for InstaPay and PesoNet,” BSP Governor Benjamin Diokno said in a tweet. “This will go a long way in our road to recovery.”
Banks and financial institutions that will be waiving fees for the rest of the year include:
- Asia United Bank
- Bank of Commerce
- Cebuana Lhuillier Rural Bank
- Citibank (for retail clients)
- CTBC (Chinatrust Commercial Bank Limited) Bank
- DCPay (for retail clients)
- Development Bank of the Philippines
- Eastwest Bank
- Equicom Savings Bank
- HSBC Savings Bank
- Land Bank of the Philippines
- Maybank Philippines (for retail clients)
- Metrobank
- Philippine Business Bank
- Philippine National Bank
- Philippine Savings Bank
- Philippine Veterans Bank
- Rizal Commercial Banking Corp.
- Robinsons Bank Corp.
- Rural Bank of Guinobatan
- Security Bank Corp.
- Standard Chartered Bank
- Sterling Bank of Asia
- Union Bank of the Philippines
- United Coconut Planters Bank
Other financial institutions have reduced their transfer fees. The Philippine Bank of Communications will be charging P1 due to system constraints, while the Hongkong and Shanghai Banking Corp. will be reducing its transfer fees for corporate accounts to P50.
Payment systems like GCash, Paymaya and MUFG (Mitsubishi UFJ Financial Group) Bank have extended their fee waivers until Oct. 31.
The waiver on online transfers was first imposed in July, as a way of encouraging more people to stay at home and carry out transactions online. Transaction fees were initially set to be restored on Sept. 30.
Header photo by rupixen.com on Unsplash
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Writer: ANGELA PATRICIA SUACILLO
