Landbank retains free online fund transfer for transactions P1,000 and below

Land Bank of the Philippines on Wednesday announced that the free online fund transfer for transactions worth P1,000 and below remains.

In an advisory, Landbank said it will continue to waive fees for fund transfers to other banks via InstaPay and PESONet for small-value transactions.

To recall, in November last year, the state-run bank waived interbank online fund transfer fees for transactions not exceeding P1,000.

In its latest advisory, Landbank said its customers can enjoy free online fund transfers for the first three transactions facilitated in a day through the Landbank Mobile Banking App and the bank’s online retail banking channel, iAccess.

For interbank fund transfers exceeding P1,000, a lowered fixed transaction fee of P15 from the previous rate of P25 will be applied. 

Meanwhile, fund transfers between Landbank and Overseas Filipino Bank (OFBank) accounts, regardless of the amount, remain free-of-charge.

“We are extending our waiving of fees for small-value online fund transfers to encourage more clients to embrace cashless transactions, in support of the national government’s thrust of building a cash-lite economy,” said Landbank president and CEO Lynette Ortiz.

“Beyond the convenience of free fund transfers, customers can also use Landbank’s digital platforms for bills payment, cardless withdrawal, and opening of additional deposit account,”said Ortiz. —Ted Cordero/ VAL, GMA Integrated News