Actor Edu Manzano finds it absurd that BDO Unibank charges P25 for each time clients send funds to accounts in other banks.
Manzano voiced his opinion on steep fund transfer fees on Twitter, sharing his experience sending money from his BDO account to a Union Bank account.
“Doesn’t anyone notice how much money the banks charge us when we’re doing a simple transaction. I paid as high as P25 for the last one,” the actor said.
Doesn’t anyone notice how much money the banks charge us when we’re doing a simple transaction. I paid as high as P25 for the last one
— Edu Manzano (@realedumanzano) December 1, 2022
Someone tried to defend backs for what they call technology investments and convenience fee, but he is not convinced.
“I see the need to invest in IT security but with low interest rates on deposits, high interest on loans and millions collected from daily transactions,” he added. “Shouldn’t it be one for all? Across the board. Same fee.”
Many agreed with Manzano.
Goos point Edu. Just because online banking users were saved from time, fare and the hassle of long queues do not mean the banks could charge that average of P20 for every transaction.
— Marcia Clemente (@binimarcia) December 2, 2022
Money transfer to another account of the same bank costs 10 if the recipient has no QR code. Then from one bank to another, it is 25 pesos. Costly nga for ordinary citizen.
— Pogi At The Disco – Alexander James (@prukotooch) December 1, 2022
BDO is charging 25 pesos to transfer to other banks while PNB is charging 20 pesos! Isipin mo na lang sa ilang milyong transaction online sa isang araw? Daming pera nyan!
— Mang Turning (@MangTurning) December 2, 2022
Will the Bangko Sentral ng Pilipinas move to cap the fund transfer fees to lessen the financial burden on banks’ clients?