The Land Bank of the Philippines has responded to the call of the Bangko Sentral ng Pilipinas (BSP) for banks to reduce the transfer fees they charge for online fund transfers.
The government-owned lender and the second-biggest bank in asset terms said bank-to-bank electronic transfers using InstaPay now cost P15 per transaction, down from P25 previously.
The lower charge has taken effect Thursday, June 15, 2023.
Fund transfers from a Landbank to Overseas Filipino Bank and vice versa remain free of charge.
