In a memorandum issued on September 4, the Bangko Sentral ng Pilipinas (BSP) required all financial institutions offering online banking services to introduce options for interbank electronic fund transfers (EFTs) by November 30.
This will allow depositors in any Philippine bank or non-banking financial institution (NBFI) offering online banking services to easily transfer funds across accounts in different financial institutions. This is made possible for banks by integrating with PESONet and InstaPay, two BSP-approved automated clearing houses (ACHs) that launched in November 2017 and April 2018 respectively.
However, like most financial services, banks and NBFIs may charge fees for fund transfers using PESONet or InstaPay. In Circular 980, the BSP says that these fees are determined by the bank’s or NBFI’s officers. Some financial institutions offer these services for free, while others may charge as much as Php2,100 per transaction.
A list of these fees, which are published by the BSP as well as in some banks’ websites, is shown in the infographic above.
What is consistent among all banks offering PESONet and InstaPay services is that the fees will be charged to the sender. The recipient of the funds will always get the full amount being sent, unlike transactions done through traditional money transfer agents.
As of end-July, 43 banks and NBFIs already offer PESONet services while 30 offer InstaPay in some capacity. The rollout of both ACHs is seen to help in making 20 percent of all transactions in the country electronic by 2020.
Lorenzo Kyle Subido is a staff writer of Entrepreneur PH