LANDBANK pushes zero transfer fees as more banks move to lower digital transaction costs

LANDBANK is pushing for lower-cost digital transactions as more financial institutions begin reducing or removing transfer fees for everyday money transfers.

In a post by the Department of Finance (DOF) on Sunday evening, July 6, Finance Secretary and LANDBANK Chair Frederick D. Go said the move is part of the government’s broader effort to make digital transactions more accessible and affordable for Filipinos.

The DOF said LANDBANK has taken the lead in pushing reforms to bring down the cost of everyday digital transactions, particularly services such as InstaPay, which many Filipinos use to send money, pay bills, and support business transactions.

According to the finance department, the initiative follows President Ferdinand R. Marcos Jr.’s directive to lower the cost of digital transactions nationwide.

“Our goal was simple: make moving money cheaper, easier, and more accessible for every Filipino. Following President Ferdinand R. Marcos Jr.’s directive, we pushed for reforms that would bring down the cost of everyday digital transactions and LANDBANK led the way,” Go said.

The DOF said more financial institutions are now moving to lower the cost of digital transactions, following LANDBANK’s example.

Go said the reduction or removal of transfer fees could translate to real savings for Filipino households and businesses, especially as digital payments become part of daily financial activity.

“Today, we are seeing the rest of the market follow. That’s how meaningful reform works—the government sets the direction, the private sector responds, and Filipino families get to keep more of their hard-earned money instead of paying transfer fees,” he said.

He added that even small savings from waived transfer fees could help families cover daily needs and allow businesses to reinvest in growth.

“Every peso saved on transfer fees is a peso that Filipino families can spend on their daily needs and that businesses can reinvest in growth,” Go said.

The latest statement comes as banks and e-wallets continue to adjust their transfer fee policies amid growing public demand for cheaper digital transactions.

For consumers, the move could make fund transfers more practical for daily use, especially for workers, small businesses, and families who regularly send money through banking apps and e-wallets.

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