Metrobank waives interbank transfer fees

Metropolitan Bank & Trust Co. (Metrobank) has waived transfer fees for transactions made through both InstaPay and PESONet, in line with amendments made by the Bangko Sentral ng Pilipinas (BSP) capping the cost of the interbank transfers.

Metrobank made the announcement on Thursday, July 9, adding to a growing list of financial institutions that have waived fees.

"Whether it's your usual transactions via InstaPay, or you're sending bigger amounts via PESONet, all transfers are now free," the advisory read.

Under the BSP's Circular 1238 that took effect on Saturday, July 4, any difference between intrabank and interbank transfers fees should reflect only the actual "switch cost," or the cost of processing a transaction through a payment network.

The "switch cost" is estimated at P1.50, meaning banks that already have intrabank transfers free can only charge up to P1.50 for interbank transfers.

The Bank of the Philippine Islands (BPI) has already waived InstaPay and PESONet transfer fees starting July 1, the Land Bank of the Philippines (LandBank) effective Tuesday, July 7, and the Philippine National Bank starting July 10.

Rizal Commercial Banking Corp. (RCBC) has also waived InstaPay transfer fees through its online banking application Pulz, but this is only for the first 30 InstaPay transfers per month with a minimum of P100 per transaction. It will charge P10 once the monthly limit is reached, or if transactions fall below the minimum amount.

Mobile wallet operators GCash and Maya have reduced their interbank bank transfer fees to P10, even as their intrabank transfers are free.

For its part, the BSP is set to hold a meeting with several banks and financial institutions this week to discuss compliance with the circular.

"Reading the circular, kung gusto mong P10 (ang interbank), P8.50 dapat 'yung transfer mo to same bank or we call on-us. We invited them to come over to have a discussion. Gusto ko lang maintindihan kung bakit," BSP Deputy Governor Mamerto Tangonan said earlier.

(Reading the circular, if a P10-interbank charge is sought, the transfer to the same bank should be P8.50 or we call on-us. We invited them to come over to have a discussion. I want to understand why.)

— VDV, GMA News