Security Bank responds to BDO transfer fees
Following the hubbub caused by BDO’s announcement to charge Php10 to use their transfer services, Security Bank has made an official statement due to the influx of questions regarding Intrabank/Interbranch fees and charges.
On its Facebook page, Security Bank posted the following:
To clarify: Intrabank/Interbranch transactions do not have a charge.
Security Bank does not charge fees for transfers between Security Bank accounts—whether the transfer is done through the mobile app, online (SBOL), or over the counter. This will not change in the foreseeable future.
The banking company also made clear its services and requirements regarding money transfers:
- You can transfer up to P1MM per day to any Security Bank account—regardless of whether the receiving account is enrolled in online banking—with no transfer charges.
- If you are transferring between accounts that you own, there is no transfer limit.
- Any transfer to an external account where the transferred amount is over P40K will require a one-time-password (OTP).
- If you are transferring funds to an account for the first time, the transaction will require a one-time-password (OTP).
So there you have it. Security Bank is playing the good guy and won’t be implementing additional fees for using their services to transfer money so long as the account is from them.