List of banks, e-wallets that cut, waived InstaPay, PESONet transfer fees

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July 7, 2026 | 9:00am

MANILA, Philippines — Banks and e-wallets are starting to cut the cost of digital fund transfers after the Bangko Sentral ng Pilipinas tightened rules on how financial institutions price electronic transactions.

The fee reductions are still uneven, with some institutions offering permanent waivers, others imposing monthly caps and some simply lowering charges.

Which companies have done so?

BPI permanently waived fees for InstaPay and PESONet transfers to other banks and e-wallets starting July 1. The waiver covers transactions made through the BPI app, BPI Online, VYBE, BanKo and BizKo. BPI app users previously paid P10 for InstaPay transfers and P50 for PESONet transfers.

RCBC made the first 30 InstaPay transfers per month free through RCBC Pulz starting July 4. The waiver applies to transactions of at least P100. Transfers beyond the 30 monthly free transactions, or those below the minimum amount, will be charged P10.

Maya cut its InstaPay fee for transfers to other banks to P10 from P15 beginning July 6. Maya-to-Maya and PESONet transfers remain free.

GCash lowered its bank-transfer fee to P10 from P15 starting July 4. The reduced fee applies to InstaPay transactions, which have a P50,000 cap per transaction.

LandBank was listed by the BSP as offering conditional free transfers as of May 31. The BSP list showed free InstaPay for one transaction of P1,000 or below per day, and free PESONet for the first three transactions worth P1,000 and below per day through mobile banking and iAccess.

Why fees are falling

The emerging system is not yet a uniform free-transfer regime. Instead, consumers will deal with varying offerings. The BSP issued rules requiring digital transaction fees to be based on actual processing costs.

Under the rules, electronic transfer fees should be lower than over-the-counter fees, and recipients should receive the full amount sent. The BSP also said transfers to another bank should not be materially higher than transfers within the same bank, except for the actual "switch cost" charged for processing through a payment network.

BSP Governor Eli Remolona Jr. said more banks are expected to follow.

"In about two days, we expect more banks to follow," Remolona said Monday, July 6, as quoted in an earlier report.

He also framed lower fees as a way to encourage more people to use digital payments.

"We prefer if more will participate. So the entry fee will be lowered. If it's zero, even better," he said in Filipino.