The circular also covers the required turnaround time to return the funds to the sender’s account for fund transfers not received by the beneficiary. These periods are significantly shorter than the current response time of financial institutions which usually takes around two to three banking days.
LandBank clients can enjoy waived transfer fee for their first three online fund transfers in a day via the LandBank Mobile Banking App (MBA), and the bank’s online retail banking channel, the iAccess.
Sen. Grace Poe has asked government agencies to see to it that their websites are up and running all the time, while Sen. Sherwin Gatchalian urged the BSP and local banks to suspend the collection of fees on online money transfers while Covid-19 cases peak.
State-run Land Bank of the Philippines has announced that transactions facilitated through its six major electronic channels grew by 21% in volume and 36% in amount in 2020 from 2019.
An official of the Bangko Sentral ng Pilipinas (BSP) warned of the risk of financial exclusion of some sectors even as the "new normal" makes going digital imperative.
Mobile money provider GCash has added "Bank Transfer" feature to its menu of services, allowing users to go for GCash-to-bank and bank-to-GCash transactions for free and in real time.
