Most of us rely on online payments now, so we must stay updated with the policies of our e-banks. To avoid unnecessary expenses, it is our responsibility to stay up-to-date with bank transfer fees and other charges.
Also read: Digital Banks in the Philippines That You Can Open Virtually
When the coronavirus (COVID-19) pandemic hit the Philippines, the Bangko Sentral ng Pilipinas (BSP) encouraged banks to waive convenience fees for bank transfers for a while. As of 7 Oct 2021, here is the full list of all convenience fees for bank transfers.
List of bank transfer fees as of 7 Oct 2021
- AllBank, Inc. – ₱25
- Bank of the Philippine Islands (BPI) – ₱25
- BDO Unibank, Inc. – ₱25
- Camalig Bank – ₱20 to ₱500
- Cebuana Lhuillier Rural Bank – ₱15
- Citibank – ₱100
- DCPay Philippines – ₱5 to ₱10
- G-Xchange, Inc. (GCash) – ₱15
- Land Bank of the Philippines – ₱15 to ₱25
- Maybank Philippines, Inc. – ₱25
- Metrobank – ₱25 to ₱100
- PayMaya Philippines, Inc. – ₱15
- PBCOM – ₱20
- PS Bank – ₱15 to ₱50
- Robinsons Bank – ₱25 (₱1 via InstaPay until 31 Dec)
- Security Bank – ₱25
- StarPay Corporation – ₱15
- Sterling Bank of Asia – ₱15 to ₱100
- Union Bank – ₱10
- United Coconut Planters Bank – ₱25 to ₱50
Note that the above-mentioned bank transfer convenience fees are applicable for inter-bank transactions only. Rest assured, AllBank, BDO, GCash, and PayMaya will retain their FREE services for intra-bank transfers.
Also read: How to Send Money to Palawan Express From Home
As of writing, only BPI charges a convenience fee (₱10) for unenrolled same-bank transactions. To avail of their free online transactions, you may pay via QR code or enrol the said BPI account.
On the other hand, over-the-counter transactions might possibly cost more than online bank fees.
If you are looking for online banks with zero transfer fees, here are some alternatives you may consider.
List of banks postponing charges until 31 Dec 2021
- Asia United Bank
- CIMB Bank Philippines (via PESONet)
- China Banking Corporation
- China Bank Savings
- CTBC Bank Philippines (via PESONet)
- Development Bank of the Philippines (via PESONet)
- East West Bank (via PESONet)
- East West Rural Bank (via PESONet)
- Equicom Savings Bank (via PESONet)
- GrabPay (via InstaPay)
- HSBC (via PESONet)
- HSBC Savings Bank (via PESONet)
- ING Bank, N.V.
- Malayan Savings Bank
- Philippine Trust Company (via PESONet)
- Philippine Business Bank (via PESONet)
- Philippine Veterans Bank (via PESONet)
- Rural Bank of Guinobatan
- RCBC via DiskarTech mobile app (via InstaPay)
- Tonik Digital Bank
- Union Bank (via PESONet)
Also read: Mobile Banking Hacks: 6 Ways to Avoid Bank Transfer Fees
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!
