In line with providing accessible and convenient digital services, the Land Bank of the Philippines (LANDBANK) has doubled the daily aggregate amount limit of fund transfers via InstaPay from P50,000.00 to P100,000.00, effective 14 July 2023.
LANDBANK clients can transfer up to P50,000.00 per transaction via Instapay, and now as much as P100,000.00 in total per day.
The state-run Bank recently reduced its transaction rate for fund transfer via InstaPay from P25 to P15 starting from 15 June 2023.
“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 CEO Lynette V. Ortiz.
The Bank also removed the daily transaction limit for both fund transfer and bills payment, allowing customers to perform an unlimited number of transactions per day.
The previous daily aggregate amount limit of P50,000.00 for bills payment facilitated through the LANDBANK iAccess has likewise been removed.
LANDBANK is currently working on providing depositors the ability to set their own fund transfer and bills payment limits for added flexibility and convenience.
Meanwhile, inter-bank fund transfers using LANDBANK and Overseas Filipino Bank (OFBank) accounts remain free of charge.
The new fund transfer and bills payment policies apply to transactions facilitated via LANDBANK’s retail digital banking channels, the LANDBANK Mobile Banking App (MBA) and iAccess.
For the first five months of 2023, the two digital platforms have facilitated a combined 66.7 million transactions with value of P123.4 billion.
####
