Under the acquirer-based ATM fee charging model approved by the central bank, rates for ATM transactions are set by the ATM provider instead of the bank.
As a result of the new rule, withdrawal fees now range between P10-P18 while balance inquiry may be free or up to P2.50.
Using the ATM of a person’s home bank will remain free.
“Fees will be displayed on the ATM screen and on signages in the area. An ATM user may cancel the transaction if he/she does not agree with the fee to be charged,” the BSP said.
The central bank explained that the new charging model aims to help ATM providers recover their investments. The scheme also encourages a bank’s clients to use its own ATMs instead of other banks’ machines.