Land Bank of the Philippines said that they would maintain their free online fund transfer for the transactions worth P1,000 and below.

According to Landbank, they will continue to waive fees for fund transfers to other banks via InstaPay and PESONet.

This is for the small-value transactions.

It will be recalled that in November last year, the state-run bank opted to waive the interbank online fund transfer fee for transactions not exceeding P1,000.

But according to their latest advisory, Landbank said that their customer can still still enjoy the free online fund transfers for the first three transactions per day, using their Landbank Mobile Banking App and the bank’s online retail banking channel, iAccess.

For interbank fund transfers exceeding P1,000, a lowered fixed transaction fee of P15 from the previous rate of P25 will be applied. 

On the other hand, the fund transfers that were done between Landbank and Overseas Filipino Bank (OFBank) accounts, regardless of the amount, remain free-of-charge.

“We are extending our waiving of fees for small-value online fund transfers to encourage more clients to embrace cashless transactions, in support of the national government’s thrust of building a cash-lite economy,” said Landbank president and CEO Lynette Ortiz.

“Beyond the convenience of free fund transfers, customers can also use Landbank’s digital platforms for bills payment, cardless withdrawal, and opening of additional deposit account,”said Ortiz.