The move makes LANDBANK the latest major bank to waive online transfer charges as lenders compete to win more digital banking users and regulators push for cheaper electronic payments.
Retail clients using the LANDBANK Mobile Banking App and iAccess, along with Overseas Filipino Bank customers worldwide, can now transfer funds without paying transaction fees.
More money stays with customers
“Every peso saved on transfer fees is a peso that Filipino families can spend on their daily needs and that businesses can reinvest in growth. LANDBANK once again is leading by example and I hope all financial institutions will continue lowering or removing the cost of digital transactions for every Filipino,” Finance Secretary and LANDBANK chair Frederick D. Go said in a statement.
The latest waiver builds on LANDBANK’s earlier decision to remove fees for eligible government payments made through QRPh beginning June 1.
The bank said customers can now use a single account to make both personal fund transfers and government payments without incurring transaction charges.
The fee waiver supports the government’s broader push to make digital banking more affordable and follows the Bangko Sentral ng Pilipinas’ call for banks to adopt fair and market-based pricing for electronic fund transfers.
—Edited by Miguel R. Camus
