PH banks to see higher interbank ATM fees - Android

Several local banks will implement new ATM transaction fees

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Starting April 7, 2021, Philippine banks will move to an acquirer-based ATM fee charging scheme, which will result in higher chargers for cardholders who transact with other banks’ ATMs.

Under the new charging model, ATM transaction fees are set by the bank who owns the ATM. This also means the fees charged will vary from bank to bank. Previously, the local banking industry operated on an issuer-based charging model where issuing banks (your bank of account) are the ones who decide on what to charge cardholders.

Starting April 7, 2021, several local banks will implement the new charging scheme with new transaction fees:

• BPI ATMs will charge non-BPI cardholders Php 18 for cash withdrawals and Php 2 for balance inquiries. Previously, the bank charges Php 15 and Php 1.50, respectively.
• Metrobank will also have the same fees as BPI, charging non-Metrobank cardholders transacting on Metrobank ATMs Php 18 for cash withdrawals and Php 2 for balance inquiries. However, cash withdrawals by PSBank cardholders will be charged Php 7.50, while balance inquiries will be free.
• BDO ATMs will charge non-BDO cardholders Php 11 for cash withdrawals and Php 2 for balance inquiries.
• UnionBank will charge Php 12 for withdrawals and Php 2 for balance inquiries.
• Development Bank of the Philippines and UCPB will charge other-bank ATM cardholders Php 15 for withdrawals and Php 2 for balance inquiries.

ALSO READ: These PH banks extend waiver of InstaPay & PesoNet fees

According to the Bangko Sentral ng Pilipinas (BSP), the new acquirer-based ATM fee charging scheme will allow ATM operators and owners to compete with one another, attracting other-bank cardholders by lowering transaction fees or by disclosing what is charged.

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The post PH banks to see higher interbank ATM fees appeared first on Technobaboy.com.