Landbank waives online fund transfer fees for transactions P1,000 and below

Land Bank of the Philippines is waiving online fund transfer fees for transactions worth P1,000 and below.

In an advisory on Tuesday, Landbank said fund transfers to other banks which coursed through InstaPay and PESONet will be free, effective November 1, 2023, for transactions not exceeding P1,000.

Meanwhile, the state-run bank said for interbank fund transfers amounting to more than P1,000, “customers can continue to enjoy a lowered fixed transaction fee of P15 from the previous rate of P25.”

Landbank said the waiving of transfer fees for small-value transactions “helps clients send money to loved ones in a safe, secure, and convenient manner, towards advancing greater financial inclusion and participation in the digital economy.”

“This is our holiday gift to our valued customers, as we continue to promote safe and convenient digital transactions,” said Landbank president and CEO Lynette Ortiz.

Landbank said its clients can enjoy waived transfer fee for their first three online fund transfers in a day via the Landbank Mobile Banking App and the bank’s online retail banking channel, iAccess.

Moreover, it said that fund transfers from and to Landbank and Overseas Filipino Bank (OFBank) accounts, regardless of the amount, remain free of charge.

The latest development is in support of the call of the Bangko Sentral ng Pilipinas (BSP) to promote cashless payments by removing the fees on small-value fund transfers, the bank said.

In July, Landbank increased the daily aggregate amount limit of fund transfers via InstaPay from P50,000 to P100,000 and via PESONet up to P500,000 and P1.5 million in Landbank Mobile Banking App and iAccess, respectively.

The bank added that the daily transaction limit for fund transfer and bills payment has been removed, allowing customers to perform an unlimited number of transactions per day.

Landbank also urged its customers to remain vigilant against online banking fraud by not clicking links from unknown senders.

Customers are reminded to never share and keep private their username or log-in ID, password, OTP and other account information. — Ted Cordero/BM, GMA Integrated News