PSBank scraps InstaPay, PESONet transfer fees

MANILA, Philippines – Philippine Savings Bank (PSBank) has waived InstaPay and PESONet transfer fees on its digital channels, joining lenders offering free fund transfers as the Bangko Sentral ng Pilipinas pushes for cheaper digital payments.

In a social media announcement on Thursday, the thrift banking arm of the Metrobank Group said customers can now send money via PSBank mobile and PSBank online without paying transfer charges starting July 9.

READ: Palace to banks: Cut transfer fees

Article continues after this advertisement

PSBank joins a growing list of banks that have eliminated transfer fees, including BPI, LandBank, UnionBank, PNB and Metrobank.

FEATURED STORIES

BUSINESS

BUSINESS

BUSINESS

Digital wallets GCash and Maya have also lowered their fees for electronic fund transfers in line with the BSP’s policy direction.

READ: GCash, Maya reduce InstaPay transfer fees

The central bank earlier urged financial institutions to adopt reasonable and market-based pricing for person-to-person electronic fund transfers to encourage wider use of digital payments. /pai INQ

Your subscription could not be saved. Please try again.

Your subscription has been successful.