MANILA, Philippines — Are your cash machine withdrawal fees too high? Look around because the adjacent automated teller machine may charge you less for the same transaction starting in April.
ATM users will soon pay fees depending on rates set by banks that own the specific machines they are transacting with — a departure from the current system where flat rates are set by the financial institution where the client maintains an account.
The new scheme is expected to foster greater competition and transparency among banks which are expected to start offering more attractive pricing levels to encourage users to withdraw from their ATMs.
In a statement, the Bangko Sentral ng Pi…
Keep on reading: Withdrawal fees too high? Adjacent ATM may be cheaper under new BSP scheme