#transfer fees

With the digital banks present in the Philippines, people can take advantage of various perks such as online applications, cashless fund transfers, higher interest rates, and more. A few of the things we would definitely consider are the interest rates, minimum balance to earn interests, and transfer fees. Following the hubbub caused by BDO's announcement to charge Php10 to use their transfer services, Security Bank has made an official statement due to the influx of questions regarding Intrabank/Interbranch fees and charges. 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. 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). Read more in our articles including "Digital Banks in the Philippines Interest Rates" and "Security Bank responds to BDO transfer fees".