Security Bank may have been one of those generous Philippine banks who graciously waived fees for InstaPay transactions until at least the year 2020 ends, in order to accommodate seamless and contactless interbank fund transfers during this pandemic period.
We have our salaries paid through our Security Bank accounts. Since I keep funds in my accounts with other banks, I need to do fund transfers now and then. And Instapay for Security Bank would have really helped.
Today I discovered that Fund Transfer to Other banks via Instapay functionality is already added to the Security Bank mobile apps.
Security Bank transfer to other banks via Instapay.
Apparently, this functionality is available only on Android and iOS apps, but not in the web using your favorite internet browser. Nevertheless, this is a welcome development, especially now that GCash disabled cash-in via bank cards starting July 6, 2020.
Currently, as the whole nation is still technically on lockdown, all fees for Instapay transfers for all banks, including Security Bank, are waived. When things go back to normal, this fee schedule indicates that fees range from ₱10 to ₱50 among the different Philippine banks. Security Bank in particular will charge ₱15 per transaction, which is I would say is not too steep. I would argue that would be a cost worth paying for the convenience of not waiting some 30 minutes should you need to visit a branch of your bank.