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 2 Jul 2021, here is the full list of all convenience fees for bank transfers.
List of bank transfer fees as of 02 Jul 2021
- AllBank, Inc. – ₱15 (via InstaPay) to ₱25 (via PESONet)
- Bank of the Philippine Islands (BPI) – ₱25
- BDO Unibank, Inc. – ₱25
- Binangonan Rural Bank
- Cebuana Lhuillier Rural Bank – ₱15
- DCPay Philippines – ₱10 (via InstaPay) to ₱10 (via PESONet)
- Equicom Savings Bank (Retail clients) – ₱15
- G-Xchange, Inc. (GCash) – ₱15
- Maybank Philippines, Inc. – ₱25
- Metrobank – ₱25
- PayMaya Philippines, Inc. – ₱10
- PBCOM (₱1 for retail clients) – ₱20
- Philippine Business Bank, Inc. – ₱10
- Philippine National Bank (PNB) – ₱10
- PS Bank – ₱15 (via InstaPay) to ₱50 (via PESONet)
- Robinsons Bank – ₱25
- Security Bank – ₱25
- Sterling Bank of Asia – ₱15 (via InstaPay) to ₱100 (via PESONet)
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: 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 Jul 2021
- Union Bank (Retail clients) (InstaPay)
List of banks postponing charges until 30 Sep 2021
- Land Bank
- United Coconut Planters Bank
List of banks postponing charges until 31 Dec 2021
- Asia United Bank
- CIMB Bank Philippines
- Citibank (Retail clients)
- China Bank Savings
- CTBC Bank Philippines (PESONet only)
- Development Bank of the Philippines
- East West Bank (PESONet only)
- East West Rural Bank (PESONet only)
- HSBC (Retail clients)
- HSBC Savings Bank (Retail clients)
- ING Bank, N.V.
- RCBC via DiskarTech mobile app
- Tonik Digital Bank
- Union Bank (Retail clients) (PESONet)
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!