The Land Bank of the Philippines (LANDBANK) has completely eliminated service fees for online fund transfers starting July 7. The zero-fee policy applies to all retail clients making InstaPay and PESONet transactions through the landbank mobile app and iAccess portal, and extends to international clients using the Overseas Filipino Bank (OFBank) platform.
This development follows a previous policy implemented in June, which waived fees for person-to-government payments via QRPh.
Bank executives noted that the elimination of these costs is intended to alleviate the financial pressures of digital banking for ordinary citizens and small enterprises.
Highlighting the macroeconomic advantages of the initiative, Landbank Chairman and Finance Secretary Frederick Go remarked:
“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,” he stated.
The transition to a fee-free digital landscape is geared toward accelerating financial inclusion. LANDBANK President and CEO Lynette Ortiz emphasized the strategic goal of the policy update:
“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.”
The measure aligns with President Ferdinand Marcos Jr.’s directive to make financial services more accessible and affordable nationwide. It also mirrors the Bangko Sentral ng Pilipinas’ position that electronic peer-to-peer payments should remain competitively priced alongside internal bank transfers.
With this policy update, LANDBANK joins the ranks of other major lenders like BPI and RCBC that have waived or significantly slashed interbank transfer charges.