State-run Land Bank of the Philippines said it is waiving InstaPay and PesoNet transfer fees for retail clients starting July 7, allowing customers to send money for free through the Landbank Mobile Banking App and iAccess.
The zero-fee policy also covers clients of Overseas Filipino Bank (OFBank), extending the free online fund transfer service to overseas Filipinos using the bank’s digital channels.
Landbank said the move expands its earlier waiver of fees for eligible person-to-government transactions via QRPh, which took effect on June 1, and forms part of its push to widen access to digital financial services.
“Every peso saved on transfer fees is a peso that Filipino families can spend on their daily needs and that businesses can reinvest in growth. Landbank once again is leading by example and I hope all financial institutions will continue lowering or removing the cost of digital transactions for every Filipino,” said Landbank chairman and Department of Finance secretary Frederick D. Go.
Landbank president and CEO Lynette V. Ortiz said the expanded zero-fee setup is meant to cover everyday retail transactions, not just government payments.
“By expanding our zero-fee digital framework from government payments to everyday retail transfers, we want to ensure that our banking services directly uplift our workers, small business owners, and overseas Filipinos,” Ortiz said.
“Our focus remains on keeping our platforms secure, reliable, and accessible to everyone, helping our clients stay connected to their families and businesses without the burden of extra costs.”
Landbank’s move comes days after private lenders BPI and RCBC announced that were removing online transfer fees for users of its digital apps, reflecting a growing push among local banks to lower the cost of digital transactions.
The state bank said the initiative supports the government’s push to expand access to affordable digital financial services and is aligned with Bangko Sentral ng Pilipinas Circular No. 1238.
