MANILA - Several banks are set to charge higher interbank ATM transaction fees on Wednesday as a new rule approved by the Bangko Sentral ng Pilipinas takes effect.
Interbank ATM withdrawal fees can go as high as P18 per transaction, while P2 can be charged per balance inquiry as banks move to the “acquirer-based ATM fee charging” mandated by BSP.
These ATM transactions however will remain free for ATM cardholders who use the ATMs of their own banks.
BDO, Metrobank and BPI advised that users of ATM cards issued by other banks will be charged P18 per withdrawal and P2 per balance inquiry.
LANDBANK's fees meanwhile are at P10 per interbank withdrawal and P1 per interbank balance inquiry.
Under the new BSP-approved system, fees for ATM transactions are set by the bank that owns the ATM terminal used, instead of the old system where the bank that issued the card sets the fee charged to the user.
The new interbank ATM fee system allows ATM owners to directly compete for business with one another by disclosing feed and offering lower charges than other ATMs in the vicinity, the BSP has 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," the BSP said in a statement posted on its website.
According to the BSP, the amount to be charged to a cardholder should be clearly displayed on the ATM location and on the screen of the ATM terminal. This lets a cardholder choose ATMs that charge lower fees, the BSP said.
To avoid paying higher fees, users are advised to use their own bank's ATMs or use digital cash.