Landbank waiving transfer fees for transactions below P1k

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Landbank waiving transfer fees for transactions below P1k

ABS-CBN News

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Updated Jan 17, 2024 03:11 PM PHT

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MANILA - The Land Bank of the Philippines on Wednesday said it will continue to waive fees for transfers to other banks through InstaPay and PESONet for transactions worth P1,000 and below.

The state-owned bank said it is also reducing interbank transaction fees for transfers larger than P1,000.

"For interbank fund transfers exceeding P1,000, a reduced fixed transaction fee of P15, down from the previous P25, will be implemented," Landbank said.

Transfers will also remain free between Landbank and its digital bank subsidiary Overseas Filipino Bank (OFBank), the company said.

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Landbank President and CEO Lynette Ortiz said the measures aim to encourage more clients to embrace cashless transactions.

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