PNB waives InstaPay, PESONet transfer fees during ECQ

Lucio Tan-led Philippine National Bank (PNB) on Friday announced it is waiving online transfer fees for all domestic transactions of InstaPay and PESONet during the enhanced community quarantine (ECQ) period.

In a statement, PNB said the waived online transfer fees began at noon on August 6 until August 20.

“This is to encourage more customers to stay at home amidst the ongoing health concerns brought by the new Delta variant of the coronavirus,” the bank said.

The Bangko Sentral ng Pilipinas 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.

“We are encouraging our customers to use digital banking,” said PNB president and CEO Wick Veloso.

“We see digital banking has gained ground during the pandemic as customers learn more about the benefits of these services and how to use them,” he added.

While all domestic transfer fees for InstaPay & PESONet are waived, PNB said remittance fees still apply for foreign overseas transfers.

The BSP has earlier released a list of banks that extended their waiver on InstaPay and PESONet fees to as late as December 31, 2021.—AOL, GMA News