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

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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.

MANILA, Philippines – Banks, e-wallet operators, and other supervised financial institutions have until Saturday, July 4, to comply with the Bangko Sentral ng Pilipinas’ (BSP) new rules meant to bring down digital transfer fees, a high-ranking central bank official said.

BSP Deputy Governor Mamerto Tangonan said banks and other financial institutions covered by Circular No. 1238 are expected to adjust their electronic fund transfer fees once the new regulation takes effect on July 4.