State bank waives fees on small deals

State-owned  Land Bank of the Philippines, or LandBank, offers free online fund transfers to other banks through InstaPay and PESONet for transactions worth P1,000 and below effective 1 November 2023.

For interbank fund transfers amounting to more than P1,000, customers can continue to enjoy a lowered fixed transaction fee of P15 from the previous rate of P25.

LandBank's waiving of transfer fees helps clients send money to loved ones in a safe, secure, and convenient manner, towards advancing greater financial inclusion and participation in the digital economy.

"We are thrilled to announce that LandBank is waiving transaction fees for small-value online fund transfers to other banks. This is our holiday gift to our valued customers, as we continue to promote safe and convenient digital transactions," LandBank president and CEO Lynette Ortiz pointed out.

First 3 free

Bank clients can enjoy waived transfer fee for their first three online fund transfers or transactions in a day via the LandBank Mobile Banking App and its online retail banking channel, the iAccess.

Fund transfers from and to LandBank and Overseas Filipino Bank accounts, regardless of the amount, remain free of charge.

The latest move of LandBank supports the call of the Bangko Sentral ng Pilipinas to promote cashless payments by removing the fees on small-value fund transfers.

Last July, LandBank increased the daily aggregate amount limit of fund transfers via InstaPay from P50,000 to P100,000 and via PESONet up to P500,000 and P1.5 million in the apps and iAccess, respectively.

Daily transaction limit for fund transfer and bills payment has been removed, allowing customers to perform an unlimited number of transactions per day.

Meanwhile, LandBank urges its customers to remain vigilant against online banking fraud by not clicking links from unknown senders.

Customers are also reminded never to share and keep private their username or log-in ID, password, OTP and other account information.