Cost of convenience: Edu Manzano finds BDO’s P25 fee for online fund transfers too high

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.

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.


Will the Bangko Sentral ng Pilipinas move to cap the fund transfer fees to lessen the financial burden on banks’ clients?

Usapang Bilyonaryo
Bilyo-cnn-logo

Usapang Bilyonaryo” is a digital-first, hybrid magazine show hosted and produced by veteran broadcast journalist Ces Oreña-Drilon in cooperation with the Bilyonaryo.com team. The 30-minute TV cut airs on CNN Philippines at 8 PM every Monday, starting January 16. The full version or producer’s cut of each episode, as well as interview splices, will be posted on Bilyonaryo.com’s Youtube and Facebook accounts.

 

ub-rlc-mobile
In cooperation with
bilyoabryo-rlc-2

Brought to you in part by