LIST: Banks waiving online transfer fees until the end of the year

MANILA – Several banks, including the second largest bank in the country in terms of assets, will eliminate online transfer fees until the end of the year.

Metrobank said its customers can continue to send and buy online using Instapay and PESONet until December 31 of this year.

Meanwhile, Bangko Sentral ng Pilipinas announced that other banks will also extend their waiver of fees involving Instapay and PESONet transactions until the end of the year.

From just 11 banks last August, the list has grown to 31 banks as of Wednesday, the BSP said.

Several large banks previously announced that they will resume charging Instapay and PESONet fees on October 1.

Banks waived these fees since the start of the COVID-19 closures in March to encourage customers to use e-banking channels instead of visiting bank branches. This was seen as a measure to help control the spread of COVID-19.

Bangko Sentral ng Pilipinas said that digital transactions grew exponentially during the COVID-19 lockdowns.

InstaPay-related transactions reached 29.5 million with a total value of P141.2 billion at the end of August, representing growth of 312.2 percent in volume and 206 percent in value compared to the level at the end of March. 2020, said the BSP.

PESONet transactions reached 2.7 million with a total value of P252.9 billion, BSP said, representing growth of around 120 percent in volume and 70 percent in value, respectively, from the benchmark level to end of March 2020.