PHILIPPINE Savings Bank (PSBank) has started offering free InstaPay and PESONet transfers through its mobile and online banking platforms, joining a growing number of banks that have cut their fees in line with a regulatory push for more affordable digital financial services.
The fee waiver took effect on Thursday, allowing customers to transfer funds to other banks and e-wallets without having to pay transaction charges.
The move followed a similar announcement by PSBank parent Metropolitan Bank and Trust Co. (Metrobank), which had also scrapped the same transfer fees across its digital channels.
Both announcements came after the Bangko Sentral ng Pilipinas (BSP) issued Circular 1238, which encourages banks to reduce interbank transfer fees and requires them to justify any charges that remain.
The policy is intended to lower the cost of digital payments and encourage greater use of electronic financial services, the BSP said.
PSBank said customers may now make InstaPay and PESONet transactions free of charge through its digital banking platforms as it continues to expand its digital banking services.
The retail banking arm of Metrobank operates 250 branches, and more than 500 in-branch and offsite automated teller machines nationwide.
On Thursday, shares of Metrobank were down P1.40, or 2.11 percent, closing at P65.10 each, amid a 0.83-percent drop for the benchmark Philippine Stock Exchange index.
