Last week, news broke that GCash was to start charging a convenience fee for bank transfers soon. As most of us rely on online payments now, it’s worth noting that it’s not just GCash that will start charging bank transfer fees starting 1 Oct 2020.
UPDATE AS OF 30 SEP 2020: GCash just updated its Help Centre stating that they will be postponing the ₱15 bank transfer fee to 1 Nov.
When the coronavirus (COVID-19) pandemic hit the Philippines, the Banko Sentral ng Pilipinas (BSP) encouraged banks to waive convenience fees for bank transfers until 30 Sep. As September comes to a close, most banks that charge through InstaPay and PESONet have also announced that they would resume transfer fees.
Here is the full list of all online banks that will be charging bank transfer fees starting 1 Oct.
List of bank transfer fees starting 1 Oct
- Bank of Commerce – ₱10
- Bank of the Philippine Islands (BPI) – ₱50
- BDO Unibank, Inc. – ₱50
- China Bank Savings, Inc. – ₱10 to ₱15
- China Banking Corporation – ₱10 to ₱15
- Equicom Savings Bank, Inc – ₱15
- G-Xchange, Inc. (GCash) – ₱15
- PayMaya Philippines, Inc. – ₱10
- Philippine Bank of Communications (PBCom) – ₱1
- Robinsons Bank Corporation – ₱25
Note that the abovementioned bank transfer convenience fees are applicable for inter-bank transactions only. Rest assured, most banks like GCash and PayMaya will retain their free services for intra-bank transfers. On the other hand, over-the-counter transactions might possibly cost more than online bank fees.
Also read: 5 Smarter Ways to Build Your Emergency Fund
List of banks without transfer fees until 30 Dec
If you are looking for online banks with zero transfer fees, here are some alternatives you may consider. The following banks have announced that they’re waiving bank transfer fees until 30 Dec.
- Asia United Bank Corporation
- Land Bank of the Philippines
- Development Bank of the Philippines
- East West Banking Corporation
- Hongkong Shanghai Banking Corporation (HSBC)
- Maybank Philippines, Inc.
- Metropolitan Bank and Trust Company (Metrobank)
- Rizal Commercial Banking Corporation (RCBC)
- Security Bank Corporation
- Standard Chartered Bank
- Bank of Asia, Inc.
- United Coconut Planters Bank
- Union Bank of the Philippines
Have you shifted to digital banking? If so, how do you feel about these bank transfer fees? In this age of social distancing, we sure hope that you find the best online bank that suits your needs. Let us know what you think in the comments!