TL;DR: Several banks have increased their respective interbank ATM fees on Wednesday as the Bangko Sentral ng Pilipinas’ acquirer-based charging scheme takes effect.
Starting April 7, 2021, several local banks will implement the Bangko Sentral ng Pilipinas’ (BSP) new acquirer-based ATM fee charging scheme.
Under the new charging model, interbank ATM transaction fees are now set by the bank that owns the ATM terminal, which means ATM fees charged will now vary from bank to bank. This will also allow ATM operators and owners to recuperate costs of operating an ATM, and at the same time, compete with others with lower fees.
Previously, the banks operated on an issuer-based charging model where issuing banks are the ones who decide on what to charge cardholders.
Here are several banks’ new ATM fees:
- BPI, BDO, and Metrobank ATMs will charge non-BPI cardholders Php 18 for cash withdrawals and Php 2 for balance inquiries.
- RCBC will also charge other-bank cardholders Php 18 for withdrawals, but will only charge Php 1 for balance inquiries.
- PSBank cardholders will be charged Php 7.50 on Metrobank ATMs. Balance inquiries will remain free.
- UnionBank will charge Php 12 for withdrawals and Php 2 for balance inquiries.
- Landbank will charge other-bank cardholders Php 10 for withdrawals and Php 1 for balance inquiries.
- Security Bank will charge other-bank cardholders Php 15 for withdrawals and Php 2 for balance inquiries.
- China Bank will charge other-bank cardholders Php 16 for withdrawals and Php 2 for balance inquiries.
In order to avoid the new interbank ATM transaction fees, you can transact at your bank’s own ATM terminals.
Main image from Unsplash.com
