MANILA -The Ty family’s Metropolitan Bank & Trust Co., the country’s second-biggest lender, is waving online bank transfer fees for transactions worth P1,000 and below until Sept. 30 this year.
The fee waiver applies to InstaPay transactions by clients using Metrobank’s new mobile app.
“This is in support of the Bangko Sentral ng Pilipinas’ (BSP) thrust to encourage more Filipinos to take advantage of the convenience of online payment transactions,” the lender said in the statement on Wednesday.
“It is also part of the bank’s move to provide smart, simple, and secure banking services to its clients through the new Metrobank app,” it added.
Operated by the private-sector led Bancnet, the Instapay fee is P25 per transaction. Former BSP Governor Felipe Medalla said last February they were looking at the removal of fees for small-value fund transfers to encourage more Filipinos to use digital channels.
The Ayala Group’s Bank of the Philippine Islands also announced it waive Instapay fees for users on its new mobile app from July 5 through Sept. 30.
Metrobank held a soft launch for its new mobile app in late 2022. Features include customizable dashboards, bills payment, credit card installment, and lost credit card reporting.
The new mobile app is currently available for download on the Apple App Store, Google Play, and the Huawei AppGallery. The lender said regular transfer fees will apply to scheduled transfers.