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.
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 05 Jan 2021, here is the full list of all convenience fees for bank transfers.
List of bank transfer fees as of 05 Jan 2021
- BDO Unibank, Inc. – ₱25
- Bank of the Philippine Islands (BPI) – ₱25
- G-Xchange, Inc. (GCash) – ₱15
- PayMaya Philippines, Inc. – ₱10
Note that the above-mentioned bank transfer convenience fees are applicable for inter-bank transactions only. Rest assured, BDO, GCash and PayMaya will retain their FREE services for intra-bank transfers.
Also read: 5 Smarter Ways to Build Your Emergency Fund
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 Jan 2021
- AllBank, Inc.
- Cebuana Lhuillier Rural Bank
- East West Bank (InstaPay only)
- Rizal Commercial Banking Corporation (RCBC) via online banking
List of banks postponing charges until 31 Mar 2021
- Asia United Bank, Bank of Commerce
- Binangonan Rural Bank
- China Bank Savings, Inc.
- China Banking Corporation
- CTBC Bank (Philippines) Corporation (InstaPay only)
- East West Rural Bank (InstaPay only)
- Equicom Savings Bank
- Land Bank of the Philippines
- Philippine Bank of Communications (₱1 for InstaPay)
- Philippine Business Bank, Inc.
- Philippine National Bank
- Philippine Veteran Banks
- PS Bank
- Robinsons Bank (₱1 for PESONet and InstaPay)
- Security Bank
- Sterling Bank of Asia
- Union Bank of the Philippines
List of banks postponing charges until 30 Jun 2021
- Rural Bank of Guinobatan
List of banks postponing charges until 31 Dec 2021
- CIMB Bank Philippines
- CTBC Bank (Philippines) Corporation (PESONet only)
- Development Bank of the Philippines
- East West Bank (PESONet only)
- East West Rural Bank (PESONet only)
- HSBC Savings Bank
- ING Bank, N.V.
- RCBC via DiskarTech mobile app
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!