EastWest drops InstaPay fees starting July 15

MANILA, Philippines – EastWest Banking Corp. will waive InstaPay transfer fees through its EasyWay and Komo digital banking platforms starting July 15, becoming the latest lender to offer free electronic fund transfers.

In a statement, the Gotianun-led bank said PESONet transfers will remain free for all EastWest clients, while InstaPay transfers through EasyWay and Komo will also become free beginning July 15.

READ: Go hopeful more banks will scrap transfer fees

Article continues after this advertisement

EastWest said the move supports the Bangko Sentral ng Pilipinas’ (BSP) push to encourage wider adoption of inclusive digital payments.

FEATURED STORIES

BUSINESS

BUSINESS

BUSINESS

“At EastWest, we want banking to feel easier and more useful in our clients’ everyday lives,” said EastWest CEO Jerry G. Ngo. “Through EasyWay and Komo, we are giving individual clients more ways to move money safely and more conveniently.”

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

The bank joins BPI, LandBank, UnionBank, PNB, Metrobank, PSBank, Security Bank and BDO in removing or waiving transfer fees.

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

Your subscription could not be saved. Please try again.

Your subscription has been successful.