LIST: Over 30 banks waive interbank transaction fees until end-2021

Over 30 local banks will continue to waive interbank transaction fees until at least the end of the year, according to the latest update from the Bangko Sentral ng Pilipinas (BSP).

In an advisory, the central bank said GrabPay will waive InstaPay fees until March 31, 2022, while 11 other banks will waive fees until December 31, 2021:

•     Asia United Bank
•     Camalig Bank
•     China Banking Corp
•     China Bank Savings
•     East West Rural Bank
•     Equicom Savings Bank
•     ING Bank N.V.
•     Malayan Savings Bank
•     RCBC via DiskarTech mobile app
•     Robinsons Bank
•     Rural Bank of Guinobatan

Meanwhile, 20 banks will waive PESONet fees until December 31, 2021:

•     Asia United Bank
•     Bank of Florida
•     CIMB Bank Philippines
•     China Banking Corp.
•     China Bank Savings
•     Country Builders Bank
•     CTBC Bank Philippines
•     Development Bank of the Philippines
•     East West Bank
•     East West Rural Bank
•     Equicom Savings Bank
•     HSBC
•     HSBC Savings Bank
•     ING Bank N.V.
•     Malayan Savings Bank
•     Philippine Business Bank
•     Philippine Trust Company
•     Philippine Veterans Bank
•     Rural Bank of Guinobatan
•     Union Bank

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.

BSP Governor Benjamin Diokno earlier said he wants at least half of all Philippine transactions done digitally by the end of his term in 2023.—AOL, GMA News