Local banks extend waiver on transfer fees

CEBU, Philippines —  To encourage the clients to utilize digital banking channels, local lenders have announced to extend the waiver of bank transfer fees.

The consumer banking arm of Metrobank Group, Philippine Savings Bank (PSBank) continues to encourage online banking transactions.

The bank has announced to extend waiving fees for PaSend, InstaPay and PESONet interbank fund transfers made via the Bank’s Mobile App and Online (Internet Banking) facilities until further notice.

According to the bank, this extension aims to further encourage its customers to take advantage of the opportunity to send money to other banks for free, maximize the use of its reliable online banking facility, and utilize the powerful functionalities of its mobile application – allowing banking transactions to be done simply and safely in the comfort of their own home.

Since the start of the pandemic, PSBank has seen an exponential rise in the use of its digital banking services.

The bank was digital-ready and was able to keep up with its customers’ requirements, thanks to the digital capabilities the bank invested in over the years.       

PSBank remains committed to improve on them given the fast adoption of consumers to non-contact platforms necessitated by the health crisis.

Just recently, PSBank made it possible for its customers to open a Peso Time Deposit with just a few taps on the Bank’s Mobile App. 

The bank also enabled clients to use QR Codes via its Mobile App so they no longer need to input nor memorize the account number and other details when transferring funds or making payments. 

To add, for PSBank loan customers, the bank made it easy and convenient for them to pay or transfer funds from their accounts in other banks to their 15-Digit PSBank Loan Account Number thru InstaPay.

Philippine National Bank is further extending the waiver for InstaPay and PesoNet fund transfer fees until March 31, 2021 to encourage more of its customers to use digital banking channels.

RCBC likewise extended the waiver of PESONet and InstaPay fees.

The Bangko Sentral ng Pilipinas (BSP) earlier said several banks have already committed to waive PESONet and InstaPay fees until the end of the year -- Asia United Bank, the Development Bank of the Philippines, Land Bank of the Philippines, Security Bank, Sterling Bank, and Union Bank.

In July, BSP Governor Benjamin Diokno said he wants at least half of all Philippine transactions done digitally by the end of his term in 2023.

To recall, 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.