- The House of Representatives just passed a resolution urging banks and remittance centers to lower or even waive transaction fees, because these small charges are already eating up a big chunk of the daily minimum wage.
- Here is what those fees actually cost you:
- 🏧 ATM withdrawal fee: ₱18 per transaction
The House of Representatives just passed a resolution urging banks and remittance centers to lower or even waive transaction fees, because these small charges are already eating up a big chunk of the daily minimum wage.
Here is what those fees actually cost you:
🏧 ATM withdrawal fee: ₱18 per transaction
💸 Online bank transfer fee: Up to ₱25 per transfer
Do the math:
4 transfers a month is ₱100 gone. That is ₱1,200 a year. Just in transfer fees.
The good news? You do not have to wait for traditional banks to act. Some digital banks already offer zero transfer fees right now.
If you are not using one yet, this is your sign to make the switch.
NOTE: Banks are not yet required to lower fees. This is still a resolution. Always check your bank's current fee schedule.
Source: GMA Integrated News