Following BSP’s announcement that Automated Teller Machines (ATMs) will adopt an Acquirer-Based ATM Fee Charging model starting April 7, 2021, banks in the Philippines have released their rates for ATM withdrawal and balance inquiry for interbank transactions.
Acquirer-Based ATM Fee Charging (ABFC)
According to BSP, the ABFC model is “a market-based pricing model that lets the ATM-owner—who invests in the machines and infrastructure to service cardholders—set the fees for transactions.”
While cardholders who will transact with ATMs owned by their card’s bank shall remain FREE of charge, those who will transact with other local banks’ ATMs shall incur varying fees, depending on the respective banks.
New ATM Interbank Fees
Starting April 7, 2021, the following are the withdrawal and balance inquiry fee for different banks:
|Bank||Withdrawal Fee||Balance Inquiry|
|Banco De Oro (BDO)||18.00||2.00|
|Bank of the Philippine Islands (BPI)||15.00||1.50|
|East west bank|
|Metrobank||18.00 (7.50 for PSBank cardholders)||2.00 (Free for PSBank cardholders)|
*NOTE: post will be updated as other banks release their new rates
For those who are using GCash Mastercard to withdraw from different ATMs, withdrawal fees shall be as charged as set by banks servicing the ATMs.
According to the 2020 data of BancNet, 55 percent of all ATM transactions are made with their own bank while the remaining 45 who need to use other banks’ ATM choose those with the lowest charges.