MANILA, Philippines — Do you feel cash machine withdrawal fees are too high? Look around because, starting April 7, automated teller machines (ATM) may charge different rates for the same transaction under new rules approved by the Bangko Sentral ng Pilipinas (BSP).
It does not mean that ATM withdrawal fees will become cheaper because the BSP conceived of the new system precisely to allow banks to “adjust” their cash machine fees after prohibiting increases since 2013.
But the central bank hopes the new system, called “Acquirer-based ATM Fee Charging,” will spur banks to become more competitive in attracting consumer barya (small change) that easily runs into billions every year….
Keep on reading: BSP changes rules on ATM fees