Lower remittance fees up for Philippines

Monday, November 23, 2009

From Manila Standard November 23, 2009 Bangko Sentral and the Association of Bank Remittance Officers will sign an agreement on Dec. 2 that will lower the cost of remittance fees using the central bank’s real time gross settlement system.

Bangko Sentral Deputy Gov. Diwa Guinigundo said the central bank approved the agreement in principle in August for formal signing next week.

The agreement will standardize and reduce the back-end processing fees of banks that uses the Philippine Payments and Settlement Systems, or PhilPaSS, of the central bank for fund transfers.

“[After Dec. 2, central bank] shall charge only P5 to the banks and the banks will only charge a maximum of P50 to their clients for back-end services,” Guinigundo said. “The use of RTGS of the [central bank] is instrumental in this.” Continue reading here http://www.manilastandardtoday.com/insideBusiness.htm?f=//2009/november/23/business1.isx&d=/2009/november/23


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Rudy De Leon said...

This lower remittance fees still apply until today. Just like in Cebuana Lhuillier pawnshop, they have lower rates. Their rates is here: www.cebuanalhuillier.com/pera-padala/

February 26, 2016 at 1:45 AM

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