Landbank

Landbank waives fees for fund transfers below P1,000

Ralf Rivas

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Landbank waives fees for fund transfers below P1,000
There will be no more fees for Landbank customers' small-value fund transfers starting November 1

MANILA, Philippines – Customers of the Land Bank of the Philippines (Landbank) can now transfer funds below P1,000 for free via InstaPay and PESONet starting Wednesday, November 1.

The latest move is part of Landbank’s efforts to heed the call of the Bangko Sentral ng Pilipinas to promote cashless payments by removing fees on small-value fund transfers. 

For interbank fund transfers amounting to more than P1,000, a fee of P15 will be charged. This is already lower than the previous rate of P25. 

Fund transfers to and from Landbank and Overseas Filipino Bank accounts, regardless of the amount, remain free of charge.

Landbank reminded customers using online banking never to share their username or log-in ID, password, one-time passwords, and other account information. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.