Metrobank online transfers free of charge until year-end

MANILA, Philippines — Fund transfers through the online platforms of Met­ropolitan Bank and Trust Co. (Metrobank) will remain free of charge until Dec. 31, 2020.

Metrobank said it has ex­tended the free transfer for Instapay and PESONet trans­actions done via the Metro­bank Mobile app and the new Metrobank Online website.

Metrobank chief marketing officer Digs Dimagiba said the bank’s focus on “Meaningful Banking” – which aims to make banking more client-cen­tric and inclusive – ultimately guided the decision.

“As we saw increased de­pendence on online bank-to-bank transfers, and how the pandemic affected our clients’ personal finances, we decided to keep these transactions free for the time-being,” Dimagiba said.

The fee waiver extension was implemented as InstaPay transactions increased over 250 percent and PESONet transac­tions over 130 percent this past quarter. Moreover, Dimagiba underscored that financially, the bank is more than ready to “absorb” the so-called cost of the free transactions, due to its conservative strategy of increasing its reserves against the continuing impact of the pandemic.

“That’s what being in good hands is all about,” Dimagiba said. “We foresee that more people will use online banking in the coming months, and by imposing less restrictions in moving money around, this will help boost consumer spending which in turn helps businesses and stimulates economic activ­ity for our country,” he said.

Metrobank recently launched the new Metrobank Online plat­form (https://onlinebanking.me­trobank.com.ph/) to enhance the online banking experience of current and prospective clients. The new Metrobank Online includes the Send Money fea­ture for InstaPay and PESONet transactions. Current customers can enroll their Metrobank ac­counts in the new Metrobank Online to enjoy free payment and money transfers.

For those who don’t have a Metrobank account, open a digital account anytime, any­where online by downloading the Earnest app on the Apple app store or Google Play Store. Earnest is Metrobank’s all digi­tal service for getting started on financial wellness journey.