PHILIPPINES: Filipinos who regularly send money through banks and e-wallets may now pay lower transfer fees, after several financial companies started cutting or waiving charges for InstaPay and PESONet transactions.
The changes came after the Bangko Sentral ng Pilipinas tightened rules on how banks and e-wallets price digital fund transfers.
- The lower fees are not the same for all companies.
- Some banks are giving free transfers.
- Others have monthly limits, daily caps, or lower fees only for certain services.
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BPI Removes Transfer Fees for Users
BPI has permanently waived fees for InstaPay and PESONet transfers to other banks and e-wallets starting July 1.
The waiver covers transfers made through the BPI app, BPI Online, VYBE, BanKo, and BizKo.
Before this change, BPI app users paid P10 for InstaPay transfers and P50 for PESONet transfers.
This is good news for OFW families who often move money between bank accounts and e-wallets for bills, savings, and household needs.
RCBC Gives 30 Free InstaPay Transfers
RCBC is also giving free InstaPay transfers, but with limits.
Starting July 4, RCBC Pulz users can make their first 30 InstaPay transfers per month for free.
Each transfer must be at least P100.
After the 30 free transfers are used, or if the transfer is below P100, the fee will be P10.
This setup may help users who send smaller amounts many times a month.
Maya and GCash Lower Bank Transfer Fees
Maya has reduced its InstaPay transfer fee to other banks from P15 to P10 starting July 6.
Maya-to-Maya transfers and PESONet transfers remain free.
GCash also lowered its bank-transfer fee from P15 to P10 starting July 4.
The lower GCash fee applies to InstaPay transactions, which have a P50,000 cap per transaction.
This means users still need to check the transfer type and amount before sending money.
LandBank Offers Conditional Free Transfers
LandBank was listed by the BSP as offering conditional free transfers as of May 31.
Based on the BSP list, LandBank gives free InstaPay for one transaction of P1,000 or below per day.
It also offers free PESONet for the first three transactions worth P1,000 and below per day through mobile banking and iAccess.
Why Transfer Fees Are Going Down
The BSP said electronic transfer fees should be based on actual processing costs.
It also said digital transfer fees should be lower than over-the-counter fees.
Recipients should also receive the full amount sent.
BSP Governor Eli Remolona Jr. said more banks are expected to follow.
For users, the main reminder is simple: check your bank or e-wallet before sending money.
Fees may now be lower, but the rules still depend on the company, transfer channel, amount, and number of transactions.
