BSP Seeks Clarity on Interbank Transfer Fee Compliance Amidst Ongoing Review
Business

BSP Seeks Clarity on Interbank Transfer Fee Compliance Amidst Ongoing Review

The Bangko Sentral ng Pilipinas (BSP) is requesting further clarification from financial institutions whose compliance reports on interbank transfer fees have raised questions as it progresses its review. The central bank plans to demand detailed explanations from major e-wallet providers regarding discrepancies with regulatory standards.

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  • BSP Clarifies No Mandate for Zero Digital Transfer Fees

    The Bangko Sentral ng Pilipinas (BSP) clarified it has not mandated banks and e-wallets to waive digital transfer fees. Circular 1238 requires fees to reflect actual costs, and the decision by some institutions to offer zero fees was voluntary, the central bank explained.