Land Bank of the Philippines (LANDBANK) and UnionBank of the Philippines have waived transfer fees for retail fund transfers, according to a report by BusinessWorld Online. The waiver covers transactions made through InstaPay and PESONet, allowing customers to send money without additional charges.
The move is expected to reduce the cost burden on individuals and small businesses that frequently use digital fund transfers. It follows similar initiatives by other financial institutions to promote cashless payments and financial inclusion.
Industry observers see this as a step aligned with the Bangko Sentral ng Pilipinas' push for a digital payment ecosystem. By eliminating fees, LANDBANK and UnionBank aim to encourage more customers to adopt online banking and reduce reliance on physical cash.