LIST: Banks, Money Apps with Waived Inter-Bank Fees until December 31, 2020

Many banks extended their waived periods!

The Bangko Sentral ng Pilipinas has released its updated list of banks and electronic money institutions offering waived inter-bank transfer charge fees until December 31, 2020.

This list supercedes earlier notices by the Bangko Sentral ng Pilipinas (BSP) that already noted these institutions offering the waiver on fees for a limited time, with some of them supposed to be ending on September 30.

Here is the updated list:

  • Asia United Bank Corporation
  • Bank of Commerce
  • Cebuana Lhuillier Rural Bank
  • China Bank Savings, Inc.
  • China Banking Corporation
  • CIMB Bank Philippines, Inc.
  • Citibank
  • CTBC Bank (Philippines Corporation)
  • DCPay (coins.ph)
  • Development Bank of the Philippines
  • East West Banking Corporation
  • Equicom Savings Bank, Inc.
  • Hongkong and Shanghai Banking Corporation
  • HSBC Savings Bank
  • ING Bank, N.V.
  • Land Bank of the Philippines
  • Maybank Philippines, Inc.
  • Metropolitan Bank and Trust Company
  • Philippine Bank of Communications (PBCOM, with Php1 fee for System constraints)
  • Philippine Business Bank
  • Philippine National Bank
  • Philippine Savings Bank
  • Philippine Veterans Bank
  • Rizal Commercial Banking Corporation
  • Robinsons Bank Corporation (with P1 fee)
  • Rural bank of Guinobatan
  • Security Bank Corporation
  • Standard Chartered Bank
  • Sterling Bank of Asia, Inc.
  • Union Bank of the Philippines
  • United Coconut Planters Bank (UCPB)

The updated list was just released by the Bangko Sentral ng Pilipinas in an effort to help its customers during the Community Quarantine. We initially posted a list of those ending in September 30 according to the end-of-August report, but the banks were only able to release their announcements after we posted the story. The BSP is also clarifying that this applies to Pesonet and Instapay fees by inter-bank transactions of the respective banks’ and money apps’ retail clients. Charges for corporate clients may still apply.

The waived fees on inter-bank transactions started during the nationwide lockdown this past summer, as part of their commitment to digitize transactions and enable people to use basic banking services even while at home. The BSP extended this last June, with banks responding their waived fees expiring either on September 30, December 31 or until further notice. Meanwhile, all-digital banks such as CIMB and ING have offered free bank transfers from the very start.

Carl Lamiel
Carl writes tech stuff for WalasTech when he's not working for a national retail chain as its Digital Marketing head. Send him some love at @lamielcarl!