#LandBank fund transfer fee

Land Bank of the Philippines (LandBank) has just cut their online bank transfer fee via InstaPay from Php 25 to Php 15. According to LandBank, the move was made with the goal of advancing financial inclusion and will be effective for transfers via InstaPay effective June 15, 2023. In addition, LandBank says that the lowering of the fee is in line with their full support of the National Government’s financial inclusion agenda, meeting the evolving needs of customers, and its expanded mandate of serving the nation. Bank of the Philippine Islands (BPI) will permanently remove transfer fees for InstaPay and PESONet transactions made through its digital banking platforms starting July 1. According to a report by InsiderPH, the free fund transfers will be available through the BPI mobile app, BPI Online web platform, VYBE e-wallet, and BizKo, the bank's digital banking app for small businesses. Customers will be able to transfer money to other banks and supported e-wallets without paying fees using either InstaPay for real-time transfers or PESONet for batch fund transfers. BPI said the move also supports the Bangko Sentral ng Pilipinas' push for financial institutions to adopt fair and market-based pricing for person-to-person electronic fund transfers. The removal of transfer fees comes ahead of BPI's 175th anniversary on Aug. Read more in our articles including "LandBank cuts online fund transfer fee to Php 15" and "BPI to remove InstaPay, PESONet transfer fees starting July 1".