Landbank waives InstaPay, PESONet transfer fees

MANILA, Philippines – State-run Land Bank of the Philippines (Landbank) has waived fees for online fund transfers via InstaPay and PESONet starting July 7, joining a growing number of banks making digital transactions more affordable.

In a statement on Monday, Landbank said clients—including overseas Filipinos—using its mobile banking app and iAccess can now transfer funds through InstaPay and PESONet free of charge.

READ: Go hopeful more banks will scrap transfer fees

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“By expanding our zero-fee digital framework from government payments to everyday retail transfers, we want to ensure our banking services directly uplift workers, small business owners and overseas Filipinos,” Landbank President and CEO Lynette Ortiz said.

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Landbank joins Bank of the Philippine Islands and Rizal Commercial Banking Corporation, which have permanently waived InstaPay transfer fees.

Meanwhile, GCash and Maya have also reduced their digital fund transfer fees.

Before the latest move, Landbank had already cut its InstaPay fee for person-to-person transfers to P8 from P15 and launched a pilot program waiving convenience fees for eligible person-to-government payments through QRPh-enabled channels.

The latest fee waivers follow the implementation of Bangko Sentral ng Pilipinas Circular No. 1238, which requires financial institutions to keep transfer charges “reasonable and fair market-based” and proportionate to the cost of providing the service.

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READ: BSP clears way for digital transaction fee hikes; Go wants charges lowered to P2-P5

Finance Secretary Frederick Go, who chairs Landbank, has urged banks to reduce or eliminate digital transaction fees to promote a more inclusive digital economy.

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“Every peso saved on transfer fees is a peso that Filipino families can spend on their daily needs and that businesses can reinvest in growth,” Go said. INQ

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