Online Bank Transfers are Free During MECQ, Until Year-End

For InstaPay and PesoNet.
Photo/s: Pixabay / florantevaldez

Banking online is not only safer during the coronavirus quarantine, it will also be cheaper. Consider the ATM and over-the-counter fees that pile up over time. For the rest of the year, transfer fees using InstaPay and PesoNet are waived, the Bangko Sentral ng Pilipinas said.

InstaPay and PesoNet are platforms that facilitate transactions between different banks, say you want to transfer from your BPI account to a BDO account. Costs per transaction vary, up to P50. These were established to encourage the public to go cashless, especially during the pandemic when people are encouraged to stay at home.

Metro Manila, Bulacan, Laguna, Rizal and Cavite are under the second highest quarantine, MECQ, until Aug. 18 to halt fast-rising infections. During which, public transport is suspended, fewer businesses are allowed to open and people are required to bring quarantine passes when heading out for essential errands.

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InstaPay and PesoNet fees are waived until Dec. 31, 2020 for the following:

  • Union Bank of the Philippines
  • Asia United Bank
  • Land Bank of the Philippines
  • Development Bank of the Philippines
  • Security Bank
  • Sterling Bank of Asia
  • Standard Chartered Bank
  • East West Bank
  • United Coconut Planters Bank
  • Maybank Philippines
  • HSBC (waived for retail, reduced to P50 from P150 for corporate)

Until Sept. 30, 2020, InstaPay and PesoNet fees are waived for the following:

  • BDO Unibank
  • Metrobank
  • BPI
  • RCBC
  • ChinaBank
  • Bank of Commerce
  • Robinsons Bank
  • PS Bank
  • PayMaya Philippines
  • G-Xchange, Inc.
  • China Bank Savings
  • PBCom
  • Equicom Savings Bank

Until further notice, InstaPay and PesoNet fees are waived for:

  • PNB
  • MUFG Bank
  • CTBC Bank
  • Bank of China
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