MANILA, Philippines — The Landbank of the Philippines (Landbank) announced on Wednesday that online fund transfers below P1,000 are now free of charge.
In an advisory, Landbank said it will continue to waive fees for fund transfers to other banks sent through InstaPay and PESONet as long as it is below P1,000.
“We are extending our waiving of fees for small-value online fund transfers to encourage more clients to embrace cashless transactions, in support of the National Government’s thrust of building a cash-lite economy,” LandBank President and CEO Lynette Ortiz said in a statement.
Landbank waived its transfer fees below the mentioned amount since November 2023.
However, fund transfers of more than P1,000 will have a fixed transaction fee of P15.
According to the state-run bank, the fixed fee has been lowered, coming from a P25-charge.
For transfers between Landbank and Overseas Filipino Bank, meanwhile, will remain free of charge.