Automated teller machines, or ATMs, make banking easier and more convenient since clients don’t have to personally visit the bank to withdraw money or check their account balance. That said, ATM cash withdrawals and balance inquiries often entail transaction fees that every cardholder should be aware of.
In the Philippines, ATM transaction fees used to be set by the cardholder’s bank, even if the transaction was made at another bank’s ATM. All that changed starting April 7, 2021, when the “Acquirer-Based ATM Fee Charging” model of the Bangko Sentral ng Pilipinas (BSP) took effect. Under this model, ATM owners can set the fees on transactions by cardholders from other banks, but their own customers can perform transactions free of charge.
For example, a BDO ATM will charge a withdrawal fee of ₱18 and a balance inquiry fee of ₱2 for cardholders from BPI and other banks, while BDO cardholders enjoy free withdrawals and balance inquiries.
The new ATM fee model is believed to encourage competition among ATM operators while giving customers more freedom to choose ATMs that charge lower transaction fees. Customers can opt to transact at their own bank’s ATM to take advantage of free withdrawals and balance inquiries, or find an ATM that charges the lowest fees if their own bank’s ATM is not available. The corresponding fees and charges will be displayed on the ATM terminal and the customer can choose whether or not to proceed with the transaction.
Customers can also make full of use of digital banking services and alternative payment solutions like debit cards and online fund transfers through InstaPay and PESONet to save money on transaction fees.
If you’re interested to know the ATM withdrawal fees and balance inquiry charges imposed by the different banks in the Philippines, we have compiled a list for your reference. You may consult this list when looking for an ATM with the lowest possible fees.
List of ATM Withdrawal and Balance Inquiry Fees in the Philippines
Below is an updated list of ATM withdrawal and balance inquiry fees of several commercial banks in the Philippines. Take note that the transaction fees listed here are applicable only to non-customers or cardholders of other banks. Customers transacting in their own bank’s ATM will not be charged.
For example, if you will be withdrawing from a BPI ATM using your PNB card, you will be charged the BPI ATM withdrawal fee which is ₱18. However, if you will be using your PNB card at a PNB ATM, no withdrawal fee will be applied.
As you can see, the ATMs with the highest withdrawal fees are those by BDO, BPI, Metrobank and UnionBank, while ATMs with the lowest withdrawal fees are those by Landbank, PSBank and Security Bank.
Always remember that ATM transaction fees are set by the ATM owner or operator, not by your bank. Fees are subject to change without prior notice.
Conclusion
Now that you already know the ATM transaction fees of the different commercial banks in the Philippines, it’s time to use this knowledge to your advantage. You can save money on withdrawals by using an ATM with the lowest transaction fees. Better yet, use your own bank’s ATM to enjoy free withdrawals and balance inquiries.
