Late last month, a number of banks had decided to resume charging their clients for online money transfers by October 1. Today, the Bangko Sentral ng Pilipinas announced some of these banks have extended the waiver of fees until the end of the year 2020.
As of September 30, there are 31 banks that continue to waive online money transfer fees, including the Philippine National Bank, Union Bank, and Citibank. Some of these banks, however, have resumed charging their corporate and retail clients. A complete list of banks is displayed in the image below.
As also shown in the image, GCash and PayMaya transactions involving Pesonet and Instapay will remain free of charge but up to October 31, 2020 only.
To discourage in-person transactions in favor of digital transactions, numerous banks and virtual wallet services offered waived fees for online money transfers throughout the pandemic-caused new normal.