Digital money transfers are becoming more affordable after banks and e-wallet providers in the Philippines reduced or eliminated fees in line with a central bank directive requiring charges to reflect actual service costs.
The Bangko Sentral ng Pilipinas (BSP), through Circular No. 1238, ordered financial institutions to ensure transfer fees are fair and aligned with the low cost of digital services. The policy has prompted sweeping changes across the industry.
Traditional and Digital banks:
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July 1: Bank of the Philippine Islands (BPI) removed InstaPay and PESONet charges across its mobile app and VYBE platform.
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July 7: Land Bank of the Philippines (LANDBANK) and UnionBank of the Philippines began offering free transfers through their respective digital banking channels.
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July 9: BDO Unibank Inc., Metropolitan Bank & Trust Co. (Metrobank), China Banking Corp. (Chinabank), and Philippine Savings Bank (PSBank) eliminated fees for InstaPay and PESONet transactions.
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July 10: Security Bank Corp. expanded its zero-fee policy to cover all clients, while Philippine National Bank (PNB) scrapped transfer charges as part of its 110th anniversary.
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July 15: Rizal Commercial Banking Corp. (RCBC) will roll out unlimited free transfers via its Pulz and DiskarTech platforms, with EastWest Bank likewise adopting zero fees for InstaPay and PESONet.
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MariBank (since June 1): Offers 50 free InstaPay and PESONet transfers monthly; P15 fee applies beyond the limit.
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GoTyme Bank: Provides 20 free InstaPay transfers monthly; P9 fee applies after, with option to use rewards points; all PESONet and in-app transfers remain free.
E-wallets:
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GCash (July 4): Lowers bank transfer fee from P15 to P10; retains P50,000 cap and transaction limits.
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Maya (July 6): Cuts InstaPay transfer fee to P10; keeps Maya-to-Maya and PESONet transfers free.
The BSP has been pushing for wider digital payment adoption to boost financial inclusion and reduce reliance on cash.
The latest fee reductions are expected to benefit consumers and small businesses by making digital transactions more accessible and cost-efficient.
