Philippine Central Bank Directs Banks, E-wallets to Lower Transfer Fees by July 4

Bangko Sentral ng Pilipinas has mandated banks and e-wallets to lower transfer fees by July 4, stipulating that interbank or inter-e-wallet transfers should generally only cost the switch fee if same-platform transfers are free.

3 Jul, 10:55 — 3 Jul, 10:55

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RapplerMostly Factual54d ago

Banks, e-wallets have until July 4 to lower transfer fees – Bangko Sentral

Under the new rules, if transfers within the same bank or e-wallet are free, transfers to another bank or e-wallet should generally cost only the switch fee. For InstaPay, that’s around P1.50.

By Lance Spencer Yu

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Philippine Central Bank Directs Banks, E-wallets to Lower Transfer Fees by July 4

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Banks, e-wallets have until July 4 to lower transfer fees – Bangko Sentral

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