Banks extend waiver of transfer fees

Local lenders on Tuesday announced the extension of the waiver of bank transfer fees, in efforts to encourage the use of digital banking channels.

Below are advisories on the extension on the waiver:

Philippine National Bank (PNB)

Philippine National Bank is further extending the waiver for InstaPay and PesoNet fund transfer fees until March 31, 2021 to encourage more of its customers to use digital banking channels. 

Philippine Savings Bank (PSBank)

Philippine Savings Bank, the consumer banking arm of the Metrobank Group, will continue to waive fees for PaSend, and InstaPay and PESONet interbank fund transfers made via the Bank’s Mobile App and Online (Internet Banking) facilities until further notice.

The Bangko Sentral ng Pilipinas (BSP) earlier said several banks have already committed to waive PESONet and InstaPay fees until the end of the year -- Asia United Bank, the Development Bank of the Philippines, Land Bank of the Philippines, Security Bank, Sterling Bank, and Union Bank.

In July, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said he wants at least half of all Philippine transactions done digitally by the end of his term in 2023.

To recall, the BSP launched InstaPay in April 2018, an electronic fund transfer (EFT) payment system that enables individuals to wire funds across banks in real-time.

Meanwhile, PESONet was launched in 2017, enabling the government, businesses, and individuals to initiate electronic fund transfers and recurring payments in financial institutions supervised by the central bank within the same banking day. —Jon Viktor Cabuenas/KG, GMA News