The Bangko Sentral ng Pilipinas said some banks would waive fees for transfers made through its PESONet and InstaPay platforms until December 2021.
As a refresher, InstaPay transactons are those credited immediately to the bank account while PESONet transactions will require several days to reflect on accounts, as processing depends per bank. InstaPay transactions can go up to P50,000 daily while PESONet transfers are for transactions higher than P50,000.
Also read: SPOT.ph Roadtest: Which Mobile Banking App Is the Handiest?
You might recall that the Bangko Sentral ng Pilipinas (BSP) waived InstaPay and PesoNet for the majority of 2020. This was to help the public recover from the financial tolls of COVID-19 lockdowns.
Several banks have continued to waive their transfer fees since then, with the BSP releasing the latest list as of October 4. Banks waiving InstaPay fees include Asia United Bank, Malayan Savings Bank, and more. Just note that Robinsons Bank will charge retail clients P1 for every InstaPay transaction until the end of the year. Those waiving PESONet fees include China Bank Savings, East West Bank, and more.
These banks are waiving transaction fees for InstaPay and PesoNet transactions:
Hey, Spotters! Check us out on Viber to join our Community and subscribe to our Chatbot.