BDO joins banks waiving InstaPay, PESONet transfer fees

MANILA, Philippines – BDO Unibank Inc. has become the latest bank to waive fees for InstaPay and PESONet transfers, adding to the growing list of banks offering free digital fund transfers amid the Bangko Sentral ng Pilipinas’ (BSP) push for more affordable digital payments.

A notice on the BDO mobile app informed users that “Zero fees for send money via InstaPay and PESONet” are now in effect.

READ: Go hopeful more banks will scrap transfer fees

Article continues after this advertisement

BDO joins BPI, LandBank, UnionBank, PNB, Metrobank, PSBank and Security Bank, all of which have recently waived transfer fees.

FEATURED STORIES

BUSINESS

BUSINESS

BUSINESS

Digital wallets GCash and Maya have also lowered their charges for electronic fund transfers.

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

The wave of fee cuts follows the BSP’s call for banks and electronic money issuers to adopt reasonable and market-based pricing for person-to-person digital 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.