#EFT Transaction Fees

As for transaction fees, they are either handed out or handled by the bank or e-wallet of use. While the two may seem similar at first glance, they differ widely in transaction fees, fund transfer time, availability, and so much more. However, it is significant to note that fund transfers are limited to PHP 50,000 per transaction, and transaction fees are dictated by the bank and are charged to the sender’s account. And, in terms of the transaction fees, they adopt the same method of InstaPay wherein transaction fees are determined by the sending bank or e-money issuer and paid by the payor. However, deciding on which one to use boils down to a few factors including transaction fees, fund reflection, availability, and so on. While it may take longer for funds to reflect and a daily 3:00 PM cut-off must be met, sending large amounts is only possible through this EFT as InstaPay will often hold a limit of PHP 50,000 each day or each transaction. GCash has announced a temporary waiver of transaction fees for overseas Filipino workers (OFWs) in several Middle East countries. “We are thrilled to announce that LandBank is waiving transaction fees for small-value online fund transfers to other banks," “This is our holiday gift to our valued customers, as we continue to promote safe and convenient digital transactions,” -- Lynette Ortiz, LandBank President and CEO   Read more in our articles including "InstaPay vs PESONet: Which EFT service should you use?" and "GCash waives transaction fees for OFWs in Middle East".