New BSP Rules Pushes Banks To Charge Higher ATM Interbank Transaction Fees
ATM TRANSACTION FEES HIGHER – Banks are set to charge higher ATM fees for simple transactions following a newly imposed rule.
Recently, the Bangko Sentral Ng Pilipinas approved a new system wherein banks set the ATM fees for the terminal used. Previously, the bank that issued the card would set the fees.
But, with the new system, ATM users have an opportunity to directly compete for business with transparent fees, lowering prices than other ATMs in the area. Obviously, this could lead to potentially lower fees as competition tightens.
However, the fact remains that fees are still present even with the most basic of services. Currently, ATM withdrawal gees can go up to P18 per transaction. Meanwhile, ATM’s can charge up to P2 per balance inquiry.
According to an article from ABS-CBN, the BSP said:
Banks competing with one another to attract non-clients to use their ATMs by disclosing fees and providing more reliable service would make the Philippine ATM system expand and be more efficient ultimately, benefit consumers
As such, the BSP suggests users use their own Bank’s terminal to avoid fees or use digital banking instead.
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