Banks will soon Resume Charging Fees for Online Transfers

Philippine banks are reported to be set to resume charging for online transactions using Instapay and PESONet among others as early as October.

Cezar Consing, BPI president and CEO, as well as head of the Bankers Association of the Philippines, said “I think what is happening now, some banks will be charging from October 1, some banks will continue to waive fees until the end of the year. But eventually, we will have to go back to charging fees,”

Banks began waiving fees as a means to encourage the use of online banking and maintain social distancing during the coronavirus pandemic. Later on the Bangko Sentral ng Pilipinas urged all banks under its regulation to waive their fees.

Consing said digital transactions in BPI was at 78% prior to COVID lockdowns, at 95% during enhanced community quarantine, and at 92% post-ECQ.