Online banking experienced a massive surge in popularity once lockdown began roughly six months ago, and is still the safest, most convenient way to transact during our new normal. Electronic fund transfer services like PESONet and InstaPay initially waved the transfer fees that usually accompanied every transaction but it initially looked like they would re-impose said fees this month.
This led to lawmakers and the Bangko Sentral ng Pilipinas appealing to said services to suspend the fees, and with good reason – with everyone penny pinching during the pandemic, any unnecessary expense is another blow to the budgets of many families that already have their budgets stretched to the breaking point.
Thankfully, the BSP has announced that 31 banks have decided to waive electronic transfer fees for the rest of the year. So until December 31, 2020, all the banks listed below will NOT impose any transfer fees when moving your money:
- Asia United Bank
- Bank of Commerce
- Cebuana Lhuillier Rural Bank
- China Bank Savings, Inc.
- China Banking Corporation
- CIMB Bank Philippines, Inc. (free for PESONet since Launch)
- Citibank* (free for individual clients; start charging fees for corporate clients on Oct. 1)
- CTBC Bank (Philippines) Corporation
- DCPay (waived for retail clients)
- Development Bank of the Philippines
- East West Baking Corporation
- Equicom Savings Bank, Inc.
- Hongkong and Shanghai Banking Corporation (waived for retail clients; for corporate clients, reduced from Php 150 to Php 50 from 01 July 2020.)
- HSBC Savings Bank(waived for retail clients; for corporate clients, reduced from Php 150 to Php 50.)
- ING Bank, N.V. (free for PESONet since Launch)
- Land Bank of the Philippines
- Maybank Philippines, Inc. (waived for retail clients)
- Metropolitan Bank and Trust Company
- Philippine Bank of Communications (Php 1 fee due to system constraints)
- Philippine Business Bank
- Philippine National Bank
- Philippine Savings Bank
- Philippine Veterans Bank
- Rizal Commercial Banking Corporation
- Robinsons Bank Corporation (Php 1 fee for retail clients)
- Rural Bank of Guinobatan
- Security Bank Corporation (waived for retail clients)
- Standard Chartered Bank
- Sterling Bank of Asia, Inc.
- Union Bank of the Philippines
- United Coconut Planters Bank
According to the Banko Sentral ng Pilipinas, digital transactions grew exponentially during the COVID-19 lockdowns. PESONet transactions reached a total value of P252.9 billion while InstaPay-related transactions reached a total value of P141.2 billion as of end-August.
In addition, mobile wallet services such as Gcash and PayMaya have also announced that it would postpone bank transfer fees.
