Metro Manila (CNN Philippines, January 9) — Several banks have again deferred fees on interbank fund transfers this year, with some postponing charges until the end of 2021, giving customers more time to enjoy waived charges amid the lingering pandemic.
Customers may transfer funds to other banks in two ways. One is via InstaPay, which allows money transfers worth ₱50,000 or lower to be credited in real time and the other is through the Philippine EFT System and Operations Network (PESONet), which allows funds of higher value to be credited on the same day the transfer was made.
As listed by the Bangko Sentral ng Pilipinas, the following banks have waived charges for interbank fund transfers until the following dates, respectively:
– AllBank
January 31, 2021
March 31, 2021
– Asia United Bank (for InstaPay)
– Cebuana Lhuillier Rural Bank (for InstaPay)
June 30, 2021
– DCPay Philippines
December 31, 2021
– Rural Bank of Guinobatan
The government has consistently promoted digital transactions to reduce physical contact and possible transmission of COVID-19, while helping sellers and businesses stay afloat during the pandemic.
– CIMB Bank Philippines (for PESONet)
In December, the Bangko Sentral ng Pilipinas postponed charges for fund transfers made through the Philippine Payment and Settlement System (PhilPaSS) until the last business day of 2021 in line with its push to encourage an even wider usage of online payments.
Before the new extension, most banks opted not to charge customers sending money to deposit accounts in different banks through online or mobile platforms until Dec. 31, 2020.
This list will be regularly updated.
– East West Bank (for InstaPay)
– Land Bank of the Philippines
– RCBC via online banking (for InstaPay)
– StarPay Corporation (for InstaPay)
– Philippine Business Bank (for PESONet)
– Binangonan Rural Bank (for InstaPay)
– China Bank
– China Bank Savings
– Country Builders Bank (for PESONet)
– CTBC Bank (for InstaPay)
– East West Rural Bank (for InstaPay)
– Equicom Savings Bank (for InstaPay)
– GrabPay (for InstaPay)
– JP Morgan Chase Bank (selected clients) (for PESONet)
– Metrobank
– PBCOM (₱1 fee) (for InstaPay)
– PNB
– Philippine Trust Company (for PESONet)
– Philippine Veterans Bank (for PESONet)
– PS Bank
– Robinsons Bank (₱1 fee)
– Sterling Bank of Asia
– Security Bank (via SB online) (for InstaPay)
– Union Bank
– United Coconut Planters Bank
– Citibank (retail clients) (for PESONet)
– CTBC Bank (for PESONet)
– Development Bank of the Philippines
– East West Bank (for PESONet)
– East West Rural Bank (for PESONet)
– HSBC (retail clients) (for PESONet)
– HSBC Savings (retail clients) (for PESONet)
– ING Bank, N.V.
– RCBC via DiskarTech mobile app
