BSP requires remittance companies to make their fees public

Bangko Sentral ng Pilipinas-regulated remittance service providers, other than banks, are now required to post their domestic remittance fees in conspicuous places within their premises and their websites. (Photo: Bangko Sentral ng Pilipinas/Facebook)

MANILA—Bangko Sentral ng Pilipinas-regulated remittance service providers, other than banks, are now required to post their domestic remittance fees in conspicuous places within their premises and their websites.

This after the central bank’s policy-making Monetary Board (MB) decided to level the playing field for all players, the BSP said in a statement issued Friday.

This move was initially required from banks, through Circular No. 928 Series of 2016 issued on Oct. 24 last year.

The circular said all fees related to domestic remittance transactions should be “charged upfront from the sender/remitter’s end, with appropriate disclosure to the sender/remitter of the components of the fees being changed”.

”The intention is to improve the transparency of remittance charges and enable consumers to determine the most cost-efficient means of sending remittances,” the BSP said.

”This is in line with the objective of the BSP to foster a robust consumer regulatory environment to enable citizens to make wiser financial decisions and to contribute actively to the promotion of financial stability.”