BankCom joins zero-fee fund transfer race

MANILA, Philippines – Bank of Commerce (BankCom), the banking arm of San Miguel Corp., will waive transfer fees for InstaPay and PESONet transactions starting July 17.

BankCom became the latest bank to scrap interbank transfer charges as banks align with the Bangko Sentral ng Pilipinas’ (BSP) push for more affordable digital payments.  

READ: BSP clears way for digital transaction fee hikes; Go wants charges lowered to P2-P5

In a social media advisory on Tuesday, BankCom said clients using the BankCom Personal App will be able to send funds via InstaPay and PESONet at no cost beginning July 17.

The bank said the move aims to make everyday banking “simpler and more rewarding” by allowing customers to transfer money conveniently and securely without paying transaction fees.  

READ: LIST: Updated InstaPay, PESONet fees for PH banks, e-wallets

BankCom joins a growing list of banks that have removed or reduced online fund transfer charges following the BSP’s push for lower digital payment costs, with lenders including BPI, Metrobank, Security Bank, PSBank, BDO, EastWest, LandBank, UnionBank and PNB already implementing similar initiatives. /pai INQ