The ongoing quarantine forced most of us to shift to online banking and e-payment transactions, whether settling bills via mobile apps or paying small businesses through interbank transfers. It was a huge help when banks waived fees for PESONet and InstaPay transactions as early as March, and it looks like this policy continues until the end of 2020.
Bangko Sentral ng Pilipinas on August 4 announced an updated list of banks and e-money issuers that are extending their waiver of fees for PESONet and InstaPay transactions-either until September 30 or until December 31. This move by the members of the Philippine Payments Management Inc. is in response to the central bank's "call to strengthen the use of digital payments to help curb physical payment transactions amid the COVID-19 pandemic."
The banks that will waive the fees for InstaPay and PESOnet until December 31 are:
- Union Bank of the Philippines
- Asia United Bank Corporation
- Land Bank of the Philippines
- Development Bank of the Philippines
- Security Bank Corporation
- Sterling Bank of Asia, Inc.
- Standard Chartered Bank
- East West Banking Corporation
- United Coconut Planters Bank (UCPB)
- Maybank Philippines, Inc.
- Hongkong and Shanghai Banking Corporation (HSBC)
Banks that will waive the fees for InstaPay and PESOnet until September 30 are:
- BDO Unibank, Inc.
- Metropolitan Bank and Trust Company
- Bank of the Philippine Islands
- Rizal Commercial Banking Corporation
- China Banking Corporation
- Bank of Commerce
- Robinsons Bank Corporation
- Philippine Savings Bank
- PayMaya Philippines, Inc.
- G-Xchange, Inc.
- China Bank Savings, Inc.
- Philippine Bank of Communications
- Equicom Savings Bank, Inc.
Meanwhile, Philippine National Bank, MUFG Bank, Ltd., CTBC Bank (Philippines) Corporation, and Bank of China Limited - Manila branch will be waiving fees until further notice.
InstaPay and PESONet fees range from P15 to P50, depending on your bank. InstaPay allows instant money transfers from different banks, while PESONet facilitates next-day interbank transfers.
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