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. Now, in a new draft circular, the BSP is seeking feedback from stakeholders on a plan to make person-to-person electronic fund transfers and micro-merchant payments entirely free of charge. While the central bank yet to specify the exact maximum amounts, it has indicated that personal fund transfers should not exceed 10 times a week. It was just a few months back that LandBank had recently cut their online bank transfer fee to just PHP 15 from PHP 25, regardless of the amount. Now, LandBank has just announced that online fund transfers made via InstaPay or PESONet to any other bank will be free starting on November 1 for transactions that are PHP 1,000 or below. LandBank also emphasized that fund transfers between LandBank and Overseas Filipino Bank (OFBank) accounts remain free of charge regardless of the amount. Since the waived transfer fee will only be applicable to the first three online fund transfers or transactions in a day made via the Landbank Mobile Banking App and iAccess, Landbank's online retail banking channel. Read more in our articles including "LandBank cuts online fund transfer fee to Php 15" and "BSP eyes zero-fee electronic fund transfers, payments to MSMEs".
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Mar 19, 2017Land 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.
Now, in a new draft circular, the BSP is seeking feedback from stakeholders on a plan to make person-to-person electronic fund transfers and micro-merchant payments entirely free of charge. While the central bank yet to specify the exact maximum amounts, it has indicated that personal fund transfers should not exceed 10 times a week. It was just a few months back that LandBank had recently cut their online bank transfer fee to just PHP 15 from PHP 25, regardless of the amount.
Our coverage of LandBank fund transfer includes: "LandBank cuts online fund transfer fee to Php 15"; "BSP eyes zero-fee electronic fund transfers, payments to MSMEs"; "LandBank removes daily transaction limits and waives fees for online transfers PHP 1,000 or less". Each article provides unique insights and information.