LIST

Banks waiving online transfer fees until March 31, 2021

The Bangko Sentral ng Pilipinas (BSP) on Monday released a list of banks that are waiving fees for both InstaPay and PesoNet transactions.

Rizal Commercial Banking Corp. (RCBC) will waive fees until January 31, 2021.

The following banks will also waive fees until January 31, 2021:

• AllBank, Inc.
• Cebuana Lhuillier Rural Bank
• East West Bank (InstaPay only)

Meanwhile, the following lenders will waive fees until March 31, 2021:

• Asia United Bank
• Binangonan Rural Bank
• China Bank
• China Bank Savings
• CTBC Bank (Philippines) Corp. (InstaPay only)
• East West Rural Bank (InstaPay only)
• Equicom Savings Bank
• Land Bank of the Philippines
• GPay
• Metropolitan Bank & Trust Co. (Metrobank)

ADVERTISEMENT

• Philippine Bank of Communications (P1.00 fee for InstaPay)
• Philippine Business Bank, Inc.
• Philippine National Bank (PNB)
• Philippine Veterans Bank
• PS Bank
• Robinsons Bank (P1.00 fee for PESONet and InstaPay)
• Security Bank
• Sterling Bank of Asia
• Union Bank of the Philippines

The Rural Bank of Guinobatan, meanwhile, will waive InstaPay and PESONet fees until June 30, 2021.

To recall, local lenders earlier committed to waive PESONet and InstaPay fees until the end of 2020 .

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.

In July last year, 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.

Refresh this page for updates.—LDF, GMA News