More banks to cut, waive online transfer fees – BSP

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July 5, 2026 | 12:00am

GCash, Maya jump on the bandwagon

MANILA, Philippines — More banks are expected to waive or lower electronic transfer fees in the coming days after two lenders moved to make InstaPay transactions free for their digital banking customers, the Bangko Sentral ng Pilipinas (BSP) said.

On the sidelines of a book launch, BSP Governor Eli Remolona Jr. said more banks are expected to follow in waiving or lowering electronic transfer fees as the new pricing rules under Circular 1238 took effect yesterday.

“In about two days. We expect more banks to follow,” Remolona told reporters when asked if the BSP expects more lenders to cut or waive transfer fees after Bank of the Philippine Islands (BPI) and Rizal Commercial Banking Corp. (RCBC) announced free InstaPay transactions.

Remolona said this would help strengthen the country’s digital payments ecosystem, as payment systems become more useful when more consumers and institutions take part.

Digital wallets GCash and Maya have lowered their online transfer fees to other banks via InstaPay to P10 from P15 per transaction, as more banks and financial institutions slash or waive fees for digital fund transfers.

GCash said the lower fee took effect yesterday, while Maya’s reduction will take effect on July 6.

RCBC said it would waive InstaPay fees for person-to-person transfers on its digital banking platforms starting July 4, allowing customers to send money to other banks, digital wallets and financial institutions at no cost, subject to certain conditions.

The Yuchengco-led bank said customers using RCBC Pulz may send money to other banks, digital wallets and financial institutions for free through InstaPay for up to 30 transactions per month, provided each transfer is at least P100.

Once the monthly limit is reached, or if the transaction falls below the P100 minimum, a standard fee of P10 will apply.

For users of DiskarTech, RCBC’s financial inclusion app, all person-to-person InstaPay transfers will remain free, with no minimum transaction amount and no monthly transaction limit.

RCBC said the initiative forms part of its broader effort to make digital banking more accessible and encourage greater adoption of cashless transactions.

“At RCBC, we believe the best digital innovations are those that make banking simpler, more accessible, and more affordable for every Filipino,” RCBC president and CEO Reginaldo Anthony Cariaso said.

“Offering free InstaPay transfers through both RCBC Pulz and DiskarTech reflect our commitment to delivering practical solutions that create everyday value for our customers while advancing the country’s digital transformation,” he said.

The bank’s move comes after the BSP issued Circular 1238, which introduced a pricing framework for person-to-person electronic fund transfers under the National Retail Payment System.

Under the circular, banks and payment service providers must adopt a reasonable, fair and market-based pricing mechanism for electronic payment fees. Charges should also be supported by an analysis of the actual cost of delivering the service.

While the circular allows payment service providers to adjust person-to-person electronic fund transfer fees, it also sets safeguards for consumers. Fees for transfers to another bank or e-wallet should not be materially higher than transfers within the same institution, except for switch costs directly tied to processing the transaction.

The BSP has also said electronic payment fees should remain lower than manual or over-the-counter charges, while recipients of person-to-person transfers must receive the full amount without deductions.

BPI has permanently waived fund transfers to other banks and e-wallets via InstaPay and PESONet on the BPI app effective July 1.

Previously, BPI app users were charged P10 for InstaPay transactions and P50 for PESONet transfers when sending funds through the BPI app. Transfers to other banks and e-wallets remain free for all verified VYBE users.