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All ATM transaction fees for withdrawals and balance inquiries shall now be collected directly by the Acquiring Terminal (i.e., ATM Machine Provider) from the account of the cardholders.
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This is in line with BancNet Circular No.: BDD-2021-0002, in accordance with BSP Memo 2019-020, which states that all Bancnet Member Institutions shall now shift to an Acquirer-Based Fee Charging model, effective April 7, 2021.
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BSP Supervised Financial Institutions are now able to collect their own acquiring fees for ATM services, provided that these are approved by the BSP.
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Note: ATM fees may vary per Acquiring Institution/ATM Provider depending on the rates approved by BSP.
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Below is the range of BSP-approved Acquirer Fees:
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ATM Withdrawal Fee: P10.00 to P18.00
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ATM Balance Inquiry Fee: P0.00 to P2.50
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Said fees shall likewise be displayed by the ATM Provider to the cardholder during the ATM transaction.
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Make sure to allot a sufficient amount to cover the ATM Withdrawal Fee to avoid the withdrawal from being rejected
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Please note that there will be no change on the GCash platform fee