Land Bank of the Philippines Waives Fees for Fund Transfers Below ₱1,000

Customers of Land Bank can now enjoy free online fund transfers to other banks via InstaPay and PESONet.

According to Land Bank of the Philippines, fees for transactions costing ₱1,000 or less via InstaPay and PESONet to other banks have been waived. 

You read that correctly. Customers will now be able to make free online fund transfers starting November 1, 2023, according to the bank. The transaction cost for interbank fund transfers over ₱1,000 stays at  ₱15.00.

​But keep in mind that LandBank customers who use the LandBank Mobile Banking App (MBA) or the bank's online retail banking platform, iAccess, will not be charged a transfer fee for the first three online fund transfers they make in a day. Regardless of the amount, transfers of funds between LandBank and Overseas Filipino Bank (OFBank) accounts are always free.

​According to LandBank, the fee waiver intends to support the Bangko Sentral ng Pilipinas' push to promote cashless payments by eliminating the fees associated with small-value fund transfers. In the meantime, the bank warned its clients not to follow links from suspicious sources in order to prevent online banking fraud.

​Additionally, customers were advised to never divulge their password, one-time password (OTP), username or log-in ID, or other account information.

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