BPI, RCBC WAIVE TRANSFER FEES, MORE BANKS  EXPECTED TO FOLLOW — BSP

BANGKO Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. on Friday said that more banks are expected to waive transfer fees for transactions with other financial institutions.

The BSP gave financial institutions until Saturday, July 4, to adjust transfer fees and comply with a circular that caps the difference between interbank and intrabank fees.

“In about two days, we expect more banks to follow,” he told mediamen in an interview.

Earlier this week, Bank of the Philippine Islands (BPI) announced that it would waive fees for fund transfers to other banks and electronic wallets (e-wallets) via InstaPay and PESONet made through its digital platforms, including the BPI app, Vybe, BizKo and its subsidiary, BanKO.

BPI said the move supports the BSP’s financial inclusion initiative by providing reasonable and fair market-based pricing for person-to-person electronic fund transfers.

Rizal Commercial Banking Corporation (RCBC) also announced earlier Friday that it would waive InstaPay fees for transactions made through its digital banking applications starting July 4.

According to Remolona the development in the country’s payment system gives consumers more options.

“Kung marami kasama, mas maganda, ‘di ba? So, dapat ang entry fee mababa, kung pwedeng zero, mabuti,” he said.

The BSP chief did not divulge which other banks will remove or reduce transfer fees but said he expects more to follow soon.