Brace yourselves: starting next month, this “new normal” will sound like our previous normal where we’re burdened by bank fees, as big banks and virtual wallets will start charging for transactions once again come October 1.
It’s understandable that once people hear the word “fees,” we immediately get into a frenzy, and then things sort of get lost in translation in the process. So let’s set the record the straight: which transactions exactly are we going to start paying for again?
In the past week, BPI announced that by October 1, they will be resuming charging their standard fees for fund transfers after the Central Bank ordered that banks temporarily waive the same last July.
What we didn’t hear, however, is that other banks who also waived their fees will also begin charging the same. Here is an up-to-date list of banks who will start charging base fees for transactions made through InstaPay and PESONet networks:
Banks | Transaction fee via InstaPay | Transaction fee via PESONet |
Bank of Commerce | P10 for online banking and ATM transactions P100 for over-the-counter | P10 for online banking and ATM transactions P100 for over-the-counter |
Bank of the Philippine Islands (BPI) | P50 per transaction | P50 per transaction |
BDO Unibank, Inc. | P50 per transaction | P50 per transaction |
China Bank Savings, Inc. (CBS) | P10 for app transactions P15 for online banking transactions | P200 for over-the-counter transactions |
China Banking Corporation | P10 for app transactions P15 for online banking transactions | P200 for over-the-counter transactions |
Equicom Savings Bank, Inc. | P15 per transaction | P15 per transaction |
Metropolitan Bank and Trust Company (Metrobank) | P25 per transaction | P25 per transaction |
Philippine Bank of Communications (PBCom) | P1 for online banking transactions P25 for ATM transactions | P1 for online banking transactions P25 for ATM transactions |
Rizal Commercial Banking Corporation (RCBC) | P15 per transaction | P10 per transaction |
Robinsons Bank Corporation | P25 per transaction | P20 for online banking transactions P100 for over-the-counter transactions |
So far, there has been no word yet on whether other banks will also resume charging service fees. These include: Asia United Bank, Development Bank of the Philippines, EastWest Bank, Hongkong and Shanghai Banking Corporation (HSBC) Bank, Land Bank of the Philippines, Maybank Philippines, Security Bank Corporation, Standard Chartered Bank, Sterling Bank of Asia, Union Bank of the Philippines, and United Coconut Planters Bank.
Be sure to check these banks’ latest updated terms to know about their resumption of transaction fees.
As for our everyday virtual wallets, GCash will also start charging on October 1 a P15 service fee for each cash-out fund transfer to a bank or EMI made through InstaPay’s network.
However, all Express Send transactions to other GCash accounts can still be enjoyed at no cost. This is despite claims circulating on social media that these service will again come at a price.
Moreover, over-the-counter cash-ins will still charge a 2% fee for amounts exceeding PhP8,000, and cash-out withdrawals will continue to charge a PhP20 service fee for MasterCard holders, and a fee of PhP20-1,000 for over-the-counter cashouts.
Meanwhile, Paymaya Philippines will also resume charging customers a P10 fee for outbound bank transfers via the Paymaya app, and a P15 fee for inter-bank transfers made via ATM.
PayMaya also clarified that transfers between two PayMaya accounts remain free of charge, while transferring funds from PayMaya to Smart Money would still incur the same 1.5% service fee, to be shouldered by the sender.
There you have it, financially-troubled folks. For those who have accounts under banks which have yet to post notice, be sure to check their social media pages for the resumption of their transaction fees. Alternatively, you might want to check any updates on their services’ terms and conditions, as these clauses can get pretty sneaky.
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