Security Bank to waive fund transfer fees starting July 10

MANILA, Philippines – Security Bank Corp. will waive fund transfer fees for all customers starting July 10, expanding the benefit to everyone.

In a statement on Thursday, the tycoon Frederick Dy-led bank said the removal of transfer fees will cover all customers, providing a benefit that had been offered to its gold, wealth, corporate and business banking clients. eas

READ: Go hopeful more banks will scrap transfer fees

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The move aims to make everyday banking simpler, much easier to use, more affordable.

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“As we celebrate 75 years of serving Filipinos, we’re continuing to make everyday banking easier for our clients,” said Victor Lee, president and CEO of Security Bank. “Better banking means finding practical ways to deliver greater value. By extending free fund transfers to all customers, we’re making a benefit many of our clients already enjoy available to everyone.”

The announcement makes Security Bank the latest lender to eliminate transfer charges for retail customers, joining BPI, LandBank, UnionBank, PNB, Metrobank and PSBank.

Over the weekend, digital wallets GCash and Maya announced they would lowered their fees for electronic fund transfers.

READ: Palace to banks: Cut transfer fees

The rollout comes as the Bangko Sentral ng Pilipinas encourages banks to adopt reasonable and market-based pricing for person-to-person digital fund transfers to help speed-up digital payment adoption. /pai INQ

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