PHILIPPINE National Bank (PNB) will waive InstaPay and PESONet transfer fees beginning July 10, joining a growing number of banks that have removed charges for online fund transfers to attract more digital banking users.
The bank said on Wednesday that from July 10, customers using the PNB Digital mobile application would be able to transfer funds to all domestic banks and e-wallets free of charge.
PNB’s move follows similar initiatives by other banks as the industry continues to expand its digital services to encourage greater use of electronic payments.
Bank of the Philippine Islands first announced it was waiving fund transfer fees starting July 1. Its move was quickly followed by Rizal Commercial Banking Corp. and Land Bank of the Philippines, which scrapped their own transfer fees starting July 4 and July 7, respectively.
PNB said more than 1.6 million users of its digital banking platform were expected to benefit from the fee waiver.
PNB President and CEO Edwin Bautista said the initiative was part of efforts to make banking more accessible to Filipinos as the lender marks its 110th anniversary.
“As we celebrate PNB’s 110th anniversary, we want to give back to the customers who have placed their trust in us through the years,” he said.
“Waiving transfer fees is one way we can make banking more convenient and help more Filipinos move their money with greater ease and confidence. It reflects our continuing commitment to accessible, inclusive and customer-centered banking.”
As more customers adopt online banking, Bautista said PNB “will continue to invest in digital capabilities that make banking simpler, more accessible and more rewarding for every Filipino.”
PNB shares on Wednesday dropped P0.15, or 0.26 percent, to close at P58.05 each.
