Over 23, 000 Automated Teller Machines (ATM terminals) are being used in the Philippines as of December 2021, according to Philippine ATM system service providers. Majority of the ATM owners use these machines for cash withdrawals as the fastest way to get instant money.
However, fees and other charges for ATM usage continue to increase, making more Filipinos hesitant to utilize them. As a result, others use electronic wallets and online banking for some transactions to save money. Despite the e-wallet trends, many Filipinos still don’t have access to e-wallets and prefer using ATM machines, especially in provinces.
To give you a quick rundown, here is a list of updated ATM fees in the Philippines.
ATM Transaction Fees in the Philippines
ATM fees vary depending on the type and where the transactions are made.
Balance Inquiry Fees
Getting a balance inquiry is usually free of charge if you transact at your own bank. But, banks are imposing fees from P1.00 to P2.00 if a balance inquiry is made via other banks. These fees are usually displayed on the ATM screen before proceeding to your next transaction.
Landbank, Eastwest, and PSBank charge P1.00, while BPI charges P1.50. Meanwhile, HSBC offers free balance inquiry but PNB, Metrobank, Chinabank, Maybank, UnionBank, Security Bank, and UCPB charge P2.00. RCBC charges from P0 to P2.00 on balance inquiry based on the type of ATM account you have.
Withdrawal Fees
Similar to balance inquiry, withdrawal fees are also free if transactions are done at your own bank. That is why making withdrawals at your nearest bank’s ATMs is highly recommended. If withdrawals are made at other banks’ ATMs, withdrawal fees range from P10.00 to P18.00.
HSBC remains free of charge, Landbank and PSBank charge P10.00, and UnionBank and UCPB have a P12.00 withdrawal fee. Eastwest, PNB, and Security Bank charge P15.00, Maybank and Chinabank charge P16.00, while BPI, Metrobank, and RCBC charge P18.00.
Intrabank Transfers
An Intrabank transaction is a transfer of an amount to another account with the same bank, where most banks charge intrabank transfers for free. BPI and Landbank charge P10.00, while Eastwest, UCPB, and Security Bank charge P25.00.
Interbank Transfers
Transferring an amount to different banks is called an interbank transaction. Most banks charge P25.00 on interbank transfers, but RCBC charges P27.50.
Below Maintaining Balance Fees
ATM accounts are still regular bank accounts associated with different charges. If your account is below the maintaining balance, you will be charged from P200.00 to P1000.00 unless it is stated that there is no minimum maintaining balance.
Dormant Account Charges
ATM accounts that have been inactive for five (5) years are called dormant accounts. It means that there were no recorded transactions, especially if they contained below the required Monthly Average Daily Balance (MADB). Dormant accounts incur fees of P30.00 per month, as stated by the Central Bank of the Philippines or Bangko Sentral ng Pilipinas (BSP).
ATM Withdrawal Limits
Most banks in the country have ATM withdrawal limits to control the supply of cash in ATMs. UCPB and Unionbank have up to a P20,000 withdrawal limit, while PSBank has up to P30,000. Chinabank, Eastwest, Landbank, Maybank, Metrobank, PNB, RCBC, and Security Bank have up to P50,000 withdrawal limits. BPI and HSBC offer up to P100,000 ATM withdrawal limits.
Save Money on ATM Withdrawal Fees with these Useful Tips
Most people make ATM transactions whenever they want, regardless of the ATM fees, because they need instant cash. They choose convenience rather than queueing in banks, which can cause them most of their precious time.
It’s reasonable, but you also have the option to save money on ATM fees with these tips.
Plan your ATM transactions.
Cash withdrawals and balance inquiries are the most common ATM transactions. But every transaction can be deducted from your account, especially if you’re doing it in a different bank.
Therefore, it is best to plan and schedule all your ATM transactions. You know the date of your payday, remittances, or pension if you have regular income or source of funds. Keeping the previous bank's ATM receipts can help determine your account balance.
Opt for banks with wider location coverage.
Look for the nearest banks in your area and choose banks with wider ATM services before opening an ATM account. These banks must have an ATM terminal close to your home or several commercial establishments you frequently visit.
Consider mobile banking.
If your source of funds has no fixed dates for crediting your account, consider mobile banking. Most banks today already have downloadable mobile apps to access all your account. It allows you to send money and pay bills as alternative payment solutions for many ATM account holders. Just ensure to protect your login details and password to keep your account secure and safe from fraud and theft.
Open accounts on different banks.
It would also be ideal for opening accounts on multiple banks if your daily routine is always on the move. Some banks may don’t have cash machines in places you visit. It’s also best to have a separate account for your cash withdrawals, while the other is for personal savings.
Make a bigger withdrawal transaction.
Avoid withdrawing money just enough for a week’s budget. Although this may be challenging, this is also your chance to flex your financial skills in budgeting your money. You are not only saving money on ATM fees, but you also save yourself a few trips going to banks to withdraw money.
ATM fees in the Philippines are relatively cheap when compared to other countries. However, frequent transactions can significantly hurt your savings. Remember, you opened a savings account to save, not to spend. So, make your bank accounts work as your savings for investment, even if it’s an ATM account.
Withmoney-saving tips, you can even purchase house and lot in the Philippines if you take your achievement goals seriously. What’s more, most housing developers, like Lumina Homes,accept online paymentsto help you save more in going to ATMs for withdrawals. So, besides affordable house and lot packages, Lumina Homes offer convenience and the easiest way to settle your mortgage payments.
Do you want to know more about our affordable house and lot for sale properties in the Philippines? Visit our nearest Lumina office or tap the message button below.
