EditorialsPH Digital and Tech

Here Are All The Banks Postponing Online Transaction Fees

Fees are waived until the end of the year

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:

  1. Asia United Bank
  2. Bank of Commerce
  3. Cebuana Lhuillier Rural Bank
  4. China Bank Savings, Inc.
  5. China Banking Corporation
  6. CIMB Bank Philippines, Inc. (free for PESONet since Launch)
  7. Citibank* (free for individual clients; start charging fees for corporate clients on Oct. 1)
  8. CTBC Bank (Philippines) Corporation
  9. DCPay (waived for retail clients)
  10. Development Bank of the Philippines
  11. East West Baking Corporation
  12. Equicom Savings Bank, Inc.
  13. Hongkong and Shanghai Banking Corporation (waived for retail clients; for corporate clients, reduced from Php 150 to Php 50 from 01 July 2020.)
  14. HSBC Savings Bank(waived for retail clients; for corporate clients, reduced from Php 150 to Php 50.)
  15. ING Bank, N.V. (free for PESONet since Launch)
  16. Land Bank of the Philippines
  17. Maybank Philippines, Inc. (waived for retail clients)
  18. Metropolitan Bank and Trust Company
  19. Philippine Bank of Communications (Php 1 fee due to system constraints)
  20. Philippine Business Bank
  21. Philippine National Bank
  22. Philippine Savings Bank
  23. Philippine Veterans Bank
  24. Rizal Commercial Banking Corporation
  25. Robinsons Bank Corporation (Php 1 fee for retail clients)
  26. Rural Bank of Guinobatan
  27. Security Bank Corporation (waived for retail clients)
  28. Standard Chartered Bank
  29. Sterling Bank of Asia, Inc.
  30. Union Bank of the Philippines
  31. 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.

Source

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