It took effect on Friday, July 14, 2023, the state-run bank said in a press statement.
Landbank said its clients can transfer up to P50,000 per transaction via InstaPay, and a total of up to P100,000 per day. Starting June 15, the bank also reduced its transaction rate for fund transfers via InstaPay from P25 to P15.
The changes are in line with its commitment to providing accessible and convenient digital services to its clients, Landbank said.
“We continue to extend the limits of our digital banking solutions to meet the growing needs of our diverse client base. Landbank is driven to promote greater digital adoption to help accelerate financial inclusion in the country and build a cashless society,” said Landbank president and chief executive officer Lynette Ortiz.
No more daily limit
The bank has also eliminated the daily transaction limit for both fund transfers and bills payment, enabling customers to perform an unlimited number of transactions per day.
The previous daily aggregate amount limit of P50,000 for bills payment facilitated through the Landbank iAccess has been removed.
According to Landbank, it is currently working on providing depositors with the ability to set their own fund transfer and bills payment limits, offering added flexibility and convenience.
Meanwhile, inter-bank fund transfers using Landbank and Overseas Filipino Bank accounts will remain free of charge.
These new fund transfer and bills payment policies apply to transactions facilitated via Landbank’s retail digital banking channels, the Landbank Mobile Banking App, and iAccess.
During the first five months of 2023, the combined usage of the two digital platforms facilitated 66.7 million transactions with a total value of P123.4 billion, according to Landbank. (KAL)