Banks, financial institutions that waived fees for PESONet, InstaPay transactions

The Bangko Sentral ng Pilipinas (BSP) on Tuesday released an updated list of banks and financial institutions that waived fees for PESONet and InstaPay transactions.

The waiving of the said fees was in response to the BSP’s call to strengthen the use of digital payments to help curb physical payment transactions amid the COVID-19 pandemic.

Below is the list of banks and e-money issuers that waived PESONet and InstaPay fees as of August 3, 2020.

Until September 30, 2020:

• BDO Unibank, Inc.
• Metropolitan Bank and Trust Company
• Bank of the Philippine Islands
• Rizal Commercial Banking Corporation
• China Banking Corporation
• Bank of Commerce
• Robinsons Bank Corporation
• Philippine Savings Bank
• PayMaya Philippines, Inc.
• G-Xchange, Inc. (GXI)
• China Bank Savings, Inc.
• Philippine Bank of Communications (extending its P1.00 fee due to system constraints)
• Equicom Savings Bank, Inc.
   

Until December 31, 2020:

• Union Bank of the Philippines
• Asia United Bank Corporation
• Land Bank of the Philippines
• Development Bank of the Philippines
• Security Bank Corporation
• Sterling Bank of Asia, Inc.
• Standard Chartered Bank
• East West Banking Corporation
• United Coconut Planters Bank
• Maybank Philippines, Inc.
• Hongkong and Shanghai Banking Corporation (waived for retail; for corporate – reduced from P150.00 to P50.00 from July 1, 2020

Until further notice:

• Philippine National bank
• MUFG Bank, Ltd.
• CTBC Bank (Philippines) Corporation
• Bank of China Limited – Manila Branch

The BSP said it is actively promoting the use of digital payments as part of safe and convenient payment system. —LDF, GMA News