Security Bank responds to BDO transfer fees

Following the hubbub caused by BDO’s announcement to charge Php10USD 0.17INR 14EUR 0.16CNY 1 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.

{Source}

Kevin Bruce Francisco

Kevin Bruce Francisco is the Senior Editor and Video Producer for YugaTech. He's a Digital Filmmaking graduate who's always either daydreaming of traveling or actually going places on his bike. Follow him on Twitter for more tech updates @kevincofrancis.

http://www.yugatech.com

14 Comments

ronelm2000 says:

8 years ago

Let the bank roasting begin.
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SB says:

8 years ago

Shots fired!
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Rye says:

8 years ago

I will refrain or stop my banking transaction to BDO .
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f says:

8 years ago

BDO being the number one bank has become greedy, I think its time to move away from them, BPI is also a good alternative
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Ces says:

8 years ago

security bank is ok they just need to be more customer oriented bank, like clients should feel that they are happy that they are banking with Security Bank….
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HonestTaxPayer says:

8 years ago

BDO has the worst service. Their over-the-counter (OTC) process makes you wait for at least 15 mins queued and standing. They charge interbranch transaction for PhP50 (OTC).
They (BDO) must have noticed that instead of doing OTC transactions/deposits, a lot of clients use the online banking app for funds transfer, and the grinch in them must be losing a lot of money.
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rye says:

8 years ago

Yeah i noticed that too, OTC in BDO was quite long and standing, unlike in BPI theres a seat on the middle while you waiting for your turn, Tapos kung kelan pa madaming nag OTC dun pa iisa or dadalawa ang bank clerk parang sinasadya nila na ganun para tingin madami ang depositor at matagal sa premises nila ang tao. kakasuya na BDO lahat nalang may charge, andaming bank dyan na di greedy, lipat nalang tayo.
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MARIA SHELLA says:

7 years ago

WALAY PULOS! NONSENSE! DILI MAKATABANG! PAGGAMIT UG GOOGLE MAP UY! SAMOK! HAHAHAHAHAHAHAHAH
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ann says:

7 years ago

but they do have a chrage for over the counter withdrawals from your own account.
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Lei says:

6 years ago

Kainis ang security bank nag apply ako balance transfer at na approve nung may 6 sabi may9 or 10 posted na s Bdo card pero sbi ni Bdo wla nMng paymen tumwag ako nUng may23 pra ireport na escalate na raw yung concern twag ako after 5 days pero pag twag ko na knna wala pa din feedback twag ulit daw ako after 7 days pero ky soa na ako at pinapabayaran na don yung balance trasfer e wala nmng bnyad c security bank..haissst SCAM ata ang online balance transfer ng security bank..Paki ayos Nman systema nyo june4 ang due date agad ng naapproved na balance transfer sn npunta yUng 20k?bt ko babayaran n wala nmn sa BDO haissst
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Monica says:

5 years ago

Basic financial services is definitely one of those things that when working well you never notice or think about it, but when it goes wrong, things can quickly grind to a halt.
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Kisream says:

5 years ago

How to send funds with security bank using transfer funds to other bank account online. I tried to use transfer funds to bpi or bdo and it’s saying invalid account number.
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Alexi says:

4 years ago

I think they don’t have that function. I googled this as well and the only solution is thru ATM transfer
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Joanner Paula Bacalso says:

3 years ago

I don’t know why your feedback with security bank is negative, but for my experience i security online banking is the best. even when transferring money ang bilis, the person I am sending the money receives it right away. Sending through GCASH is also like a flash, received it right away and without a charge. I am very satisfied with SECURITY BANK.
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