Landbank waives fund transfer fees until Dec. 31
PASIG CITY, July 14 (PIA) — The Land Bank of the Philippines (LandBank) has waived its electronic fund transfer fees until the end of the year.
On its official Facebook page, Landbank advised its clients that fees for fund transfers to other banks via InstaPay and PESONet for retail clients have been extended until December 31, 2020.
Banks usually impose a minimal fee, from P10 to P25 for EFTs, and only the sender is charged. But in light of the situation, many banks and financial institutions waived the fees for bank transfer for a limited period.
According to LandBank, the waiving of fund transfer fees aims to help its clients especially during these trying times.
To recall, the Bangko Sentral ng Pilipinas in April waived its fees and charges for financial institutions setting up digital payment channels, saying it encouraged Filipinos to conduct more online transactions as means of fighting the COVID-19 pandemic.
The BSP said its policy-making Monetary Board approved the suspension of charging of filing, processing, and licensing or registration fees relative to application to provide electronic payment and financial services.
This was meant to “encourage financial institutions to actively offer safe, efficient and reliable digital channels,” the BSP said, adding that this would also provide additional relief to these firms affected by the COVID-19 pandemic. (PIA-NCR)