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Several banks and mobile wallet apps extended free online transfer to their customers until the end of this year amid the raging novel coronavirus pandemic.
Central Bank of the Philippines published an updated list of banking companies on September 30 that waived their fees for online transactions through PESONet Y InstaPay until December 31, 2020.
These banking firms are also members of the Philippine Payments Management Inc. (PPMI).
Fee Waiver, EXTENDED The following banks and e-money issuers are extending their fee waiver for InstaPay and PESONet transactions. List updated as of September 30, 2020.
Posted by Bangko Sentral ng Pilipinas on Wednesday, Sep 30, 2020
PESONet and InstaPay are types of electronic funds transfer services between clients of participating banks, mobile money operators, and electronic money issuers in the Philippines.
The large banking institutions included in the list are the Metropolitan Bank and Trust Company (Metrobank), the National Bank of the Philippines, the Rizal Commercial Banking Corporation (RCBC) and the Union Bank of the Philippines.
Some banks have conditions like HSBC Savings Bank and the Security Bank Corporation it only waived fees for retail customers.
In a statement, John Ong, executive vice president and head of Transaction Banking Group, encouraged Security Bank clients to take advantage of the waived transfer fees through the bank’s mobile app.
“We encourage everyone to stay safe during this pandemic by staying home and servicing their banking needs through Security Bank Online and through our Security Bank mobile app and taking full advantage of the waived fund transfer fees,” said Ong.
“Transactions using Security Bank Online have seen steady month-over-month growth since March, when Enhanced Community Quarantine was imposed in various parts of the country. Most of the transactions come from fund transfer and bill payment services, ”he added.
BSP had previously asked lenders to postpone their plans to pay back money transfer fees until October.
Apart from the companies on the list, PayMaya, Bank of Tokyo-Mitsubishi, Ltd. (MUFG Bank) and GCash It also agreed to defer its fees, but only until October 31.
RELATED: Your bank transfers through GCash will cost you a little, or a lot, for October
BDO Unibank Y Bank of the Philippine Islands (BPI), on the other hand, proceeded to charge its clients using online funds transfer services on October 1.
BPI reminded its clients that they must return the charges to their online fund transfer services via social media.
Remember that the exemption of fees for transferring funds to other banks via InstaPay and to unregistered BPI accounts is…
Posted by BPI on Sunday, September 27, 2020
Meanwhile, BDO experienced a surge of users accessing their digital channels on September 30, which is the last day for free fund transfers and it also happened to be payday.
RELATED: BDO advises customers to bank on the site as online services become inaccessible on payday
After his digital system became inaccessible, he advised his clients to visit his branches and use his automated machines.
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