Bangko Sentral ng Pilipinas has recently released an updated list of banks and e-money issuers, extending their waiver fees for InstaPay and PESONet.
The initiative is due to the government agency’s push for digital payments as the country continues its fight against COVID-19.
Customers may now enjoy chargeless online transactions from the following banks until December 31, 2020:
• Union Bank of the Philippines
• Asia United Bank Corporation
• Bank of Commerce
• Cebuana Lhuillier Rural Bank
• China Bank Savings
• China Banking Corporation
• CIMB Bank Philippines Inc. (free for PESONet since launch)
• Citibank (free for individual clients, starts charging fees for corporate clients on Oct. 1)
• Land Bank of the Philippines
• CTBC Bank Philippines Corporation
• DCPay (waived for retail clients)
• Development Bank of the Philippines
• East West Banking Corporation
• Equicom Savings Bank
• HSBC (waived for retail, corporate accounts reduced from PHP 150 to PHP 50)
• ING Bank N.V (free for PESONet since launch)
• Land Bank of the Philippines
• Maybank Philippines Inc. (waived for retail clients)
• Maybank Philippines Inc.
• Metrobank
• Philippine Bank of Communications (extending PHP 1.00 fee due to system constraints)
• Philippine Business Bank
• PNB
• Philippine Savings Bank
• Philippine Veterans Bank
• RCBC
• Robinsons Bank (PHP 1 fee for retail clients)
• Rural Bank of Guinobatan
• Security Bank (waived for retail clients)
• Standard Chartered Bank
• Sterling Bank of Asia
• United Coconut Planters Bank
Banks to waive fees for PESONet and InstaPay until October 31, 2020:
• GCash
• MUFG Bank Ltd.
• PayMaya
Source: Bangko Sentral ng Pilipinas
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