#Digital banks

interest rate in excess of PHP 250,000 cap, and also mentioned its key features including free transfers to other banks, e-wallets, 24/7 customer service, and discounts on load top-ups. You may read our guide here for more reference about the other interest rates from other digital banks. The Bangko Sentral ng Pilipinas (BSP) has said that it wants banks to remove fees incurred from small bank-to-bank transactions, as a means to encourage more users to transition to online payment methods and digital banking. Medalla said that the Php 15 to Php 20 fees that are normally added on top of a specific bank transaction may "discourage the use of digital payments for small transactions." Digital bank transfers usually make use of Electronic Fund Transfers or EFTs, which allow users to transfer money to another bank or e-wallet from just their smartphone. He did however reiterate that they will also find ways for [banks] to get back their losses if they do decide to remove the required fees. In any case, we do hope banks are able to offer fund transfers with smaller (if not completely without) bank transfer fees and we're happy that the BSP itself is taking steps to encourage more people to use digital payment systems. Read more in our articles including "SeaBank interest rate adjusted to 4.5% p.a." and "BSP wants bank fees for small transactions removed".