BSP, BAP mull removal of fees for below P500 money transfers READ MORE:
possible removal of transaction fees for small money transfers of less than P500 to further spur the use of digital payments in the country.
In his speech during the annual reception for the banking community Friday night, BSP Governor Felipe Medalla said this move would form part of efforts to prepare the financial system for the future. As of Feb. 1, 2023, there is no uniform amount of bank transfer fees via InstaPay. For instance, Asia United Bank charges P8; Bank of Commerce, P15 to P25; Bank of the Philippine Islands, P25; BDO Unibank Inc., P25; China Banking Corp., P10 to P25; East West Bank, P10; Land Bank of the Philippines, P25; Metrobank, P25; PayMaya Philippines, P15; Philippine Bank of Communications, P20; Philippine National Bank, P20 to P150; Rizal Commercial Banking Corp., P8 to P25; Security Bank Corp.
“Provided it’s below a certain number of transactions, let’s say, three per day. And there is a way of sharing costs. I promise you, the central bank, will be in a greater hurry to cut reserve requirements so you can afford to give those [concessions],” Medalla said.
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