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Manila Bulletin devider Business devider Banking & Finance devider Landbank scraps online fund transfer fees for retail clients

Landbank scraps online fund transfer fees for retail clients

Published Jul 6, 2026 09:23 pm

At A Glance

  • State-run Land Bank of the Philippines (Landbank) has waived fund transfer fees for digital transactions made through its online channels, joining a growing number of major banks and e-wallet providers that have eliminated or lowered transfer charges.

State-run Land Bank of the Philippines (Landbank) has waived fund transfer fees for digital transactions made through its online channels, joining a growing number of major banks and e-wallet providers that have eliminated or lowered transfer charges.

Starting Tuesday, July 7, Landbank will make all online fund transfers free of charge for retail clients sending money via its mobile banking app (MBA) and iAccess through both InstaPay and PESONet.

This zero-fee policy is also being extended to Overseas Filipino Bank (OFBank) clients worldwide, ensuring that Filipinos abroad can send support home without the burden of additional costs.

Department of Finance (DOF) Secretary and Landbank Chairman Frederick D. Go, who has been a vocal advocate for reducing digital transaction costs, framed the move as a vital economic intervention.

Go said funds saved from transfer fees could instead be spent by Filipino families on daily necessities or reinvested by businesses to support growth.

The DOF chief further challenged more industry players to follow suit. “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 said.

This initiative marks an expansion of Landbank’s digital strategy, building directly on its June 1 move to waive fees for person-to-government (P2G) transactions made via QRPh.

By integrating these services, Landbank aims to create a “fully integrated, cost-free digital banking ecosystem” where users can manage personal and government financial obligations seamlessly.

Landbank President and Chief Executive Officer (CEO) Lynette V. Ortiz emphasized the social impact of removing these financial barriers for the GFI’s core constituencies.

“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,” Ortiz said.

She noted that Landbank’s priority remains keeping its platforms secure and accessible to help clients stay connected to their families and businesses.

This shift toward a zero-fee policy is in response to President Ferdinand R. Marcos Jr.’s directive to strengthen digital financial services and expand affordable banking access for all Filipinos. - Derco Rosal

Related Tags

Land Bank of the Philippines (Landbank) Instapay PESONET
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