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LandBank lowers online bank transfer fee (www.cnnphilippines.com)

submitted 1 year ago by PancitCantot to c/philippines

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The Land Bank of the Philippines (LandBank) on Thursday announced that it will cut online transfer fee to other banks through InstaPay effective June 15.

Regardless of the amount, the interbank transfer fee is now at ₱15 from ₱25.

"By lowering fund transfer rate, more customers will benefit from the convenience and efficiency of our products. This is part of our commitment to provide accessible and affordable digital banking solutions, and to help expand financial inclusion," said LandBank President and CEO Lynette Ortiz in a statement.

LandBank said that its mobile banking app and two other platforms, iAccess and weAccess, were able to facilitate ₱265.7 billion in transaction in the first quarter.

The Bangko Sentral ng Pilipinas said in February that it is eyeing to remove fees on small-value fund transfers to promote cashless payments.

BSP Governor Felipe Medalla said the central bank is ready to work with banks and payment system operators to study a “cost-sharing system” that will remove fees on small transactions.

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