Overseas Filipinos banking through OFBank can now move money without transfer charges, part of a wider fee waiver the Land Bank of the Philippines rolled out beginning July 7.
The state lender is dropping charges on retail fund transfers routed through the LANDBANK Mobile Banking App and its iAccess platform, covering both InstaPay and PESONet. Clients of the Overseas Filipino Bank, wherever they are located, fall under the same waiver.
For migrant workers who regularly send earnings home, the change removes a recurring deduction on remittances made through the digital channels. Landbank framed the measure as targeted relief for wage earners, small enterprise owners, and Filipinos working abroad.
“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,” said Landbank President and CEO Lynette Ortiz.
The bank tied the retail waiver to a step it took in June, when it stopped collecting fees on person-to-government payments coursed through QRPh. Together, officials said, the two moves form a banking setup where Filipinos can transact digitally at no cost.
“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 Finance Secretary Frederick D. Go.
Private lenders have moved in the same direction. BPI began permanently waiving InstaPay and PESONet fees on its digital channels July 1, while RCBC opened free interbank InstaPay transfers July 4.
Landbank pointed to instructions from President Ferdinand Marcos Jr. to widen access to low-cost financial services as the backdrop for the decision. The waiver also answers Bangko Sentral ng Pilipinas rules requiring institutions to price electronic transactions against their actual processing costs, keep digital fees below over-the-counter rates, and ensure recipients get the full amount sent.
