Philippine Savings Bank (PSBank) is continuing the extension of its waiving of fees for PesoNet and InstaPay transactions coursed through its PSBank Mobile App. The consumer banking unit of giant lender Metrobank Group said its clients will continue to enjoy free online transfers “until further notice.”
In its press release, PSBank said this extension is aimed at further encouraging its accountholders “to maximize the use of digital payments in the new normal.” Transactions via its own PSBank PaSend service will also be free of charge until otherwise announced.
On September 30, 2020, the Bangko Sentral ng Pilipinas (BSP) released a list of banks that are waiving fees for PesoNet and InstaPay transactions until December 31, 2020. That list includes PSBank.
Also in the BSP list are the following:
• Asia United Bank
• Bank of Commerce
• China Bank Savings
• China Banking Corporation
• CIMB Bank Philippines
• CTBC Bank
• Development Bank of the Philippines
• East West Bank
• Equicom Savings Bank
• Robinsons Bank
• Sterling Bank of Asia
PayMaya and GCash are deferring their fees for PesoNet and InstaPay transactions only until October 31. Meanwhile, BDO and BPI have already continued charging their clients for online fund transfer services, beginning October 1, 2020.
PesoNet and InstaPay are the first Automated Clearing House in the Philippines, operating under the BSP’s National retail Payment System landmark policy that aims to increase domestic e-payment transactions to 20% by this year. BSP is confident that this will contribute to more inclusive economic growth and financial inclusion. PesoNet facilitates fund transfer without any limit but with posting after the end of the business day while InstaPay has a P50,000 limit per transaction in real-time.