Union Bank of the Philippines has expanded its zero-fee digital banking services, waiving charges for more online transactions as lenders continue lowering electronic payment costs following new rules from the Bangko Sentral ng Pilipinas (BSP).
Effective July 7, the Aboitiz-led lender removed fees for UnionBank-to-UnionBank fund transfers, bills payments, prepaid mobile load purchases and QRPh in-store payments made through its UnionBank Online app. The bank had previously waived fees for InstaPay and PESONet transfers.
“We are unlocking the newest ZERO FEE in our series of waived service fees in UB Online,” UnionBank said in a social media post.
The move follows the issuance of BSP Circular No. 1238, which requires interbank electronic fund transfer fees to be cost-based and not “significantly higher” than fees charged for intrabank transfers.
Several lenders have since eliminated transfer fees, including Ayala-led Bank of the Philippine Islands (BPI), Yuchengco-led Rizal Commercial Banking Corp. (RCBC), the state-owned Land Bank of the Philippines and UnionBank.
Meanwhile, Lucio Co-led Philippine Bank of Communications (PBCOM), along with e-wallet operators GCash and Maya, have reduced InstaPay transfer fees to ₱10 from ₱15 per transaction.
