List: PH Banks With Free InstaPay and PESONet Transfers After BSP Fee Rules

Update as of July 9 at 5:30 PM: BDO now offers InstaPay transfers free of charge!

Update as of July 9 at 3:00 PMSecurity Bank, Maribank, MetroBank join growing list of financial institutions that reduce their InstaPay and PESONet transfer fees to zero.

Several Philippine banks and electronic wallet operators have eliminated or adjusted their digital transaction costs in response to a central bank mandate requiring financial institutions to lower retail fund transfer charges.

The fee adjustments follow the Bangko Sentral ng Pilipinas (BSP) issuance of Circular No. 1238 and Memorandum No. M-2026-025, which require market-based pricing mechanisms for person-to-person electronic fund transfers.

Central Bank Guidelines and Regulatory Compliance

Under the central bank framework, if an institution allows free transactions within its own platform, any fee applied to external transfers must reflect only the actual interbank network switch cost. The BSP estimates this switch cost at approximately ₱1.50 per transaction for the InstaPay network.

The BSP stated that financial institutions are not expected to place volume limits or caps on free transfers to bypass the cost-reflective policy.

InstaPay Fee Structures by Institution

Institutions with Unlimited Free InstaPay Transfers:

• BanKo
• BDO
• BPI
• DiskarTech
• LandBank
• Maribank
• MetroBank (July 9)
• OF Bank (Overseas Filipino Bank)
• OwnBank
• PNB (July 10)
• PSBank (July 9)
• UnionBank
• UnionDigital Bank
• Vybe by BPI

Institutions with Capped Free InstaPay Transfers:

• MariBank: 50 free transfers monthly
• RCBC: 30 free transfers monthly (Effective July 4; applies to transfers via RCBC Pulz application with a ₱100 minimum per transfer, after which a ₱10 fee applies)
  • BSP Deputy Governor Mamerto Tangonan noted that the central bank has communicated with Rizal Commercial Banking Corp. (RCBC) regarding its 30-transaction monthly cap, stating the arrangement was non-compliant with the requirement that interbank fees remain equitable with internal transfers plus the basic switch cost.
• GoTyme Bank: 20 free transfers monthly
• Netbank: 10 free transfers daily
• CIMB Bank: 2 free transfers daily

Institutions Charging Standard Outbound InstaPay Fees:

Institution	Transaction Fee	Effective Date / Notes
Chinabank	₱5.00	Standard Rate
PalawanPay	₱5.00	Standard Rate
AUB	₱8.00	Standard Rate
EastWest	₱10.00	Standard Rate
GCash	₱10.00	Effective July 4 (Reduced from ₱15.00)
Maya	₱10.00	Effective July 6 (Reduced from ₱15.00)

PESONet Fee Structures by Institution

Select financial institutions have also modified or eliminated their transaction fees for the higher-value PESONet electronic fund transfer system in accordance with the central bank disclosures.

Institution	PESONet Fee Structure	Effective Date / Notes
BPI	Free	Effective July 1 (Reduced from ₱50.00)
Landbank	Free	Effective July 7 (Via mobile app, iAccess, and OFBank accounts)
UnionBank	Free	Maintained zero-fee structure
Maya	Free	Outbound PESONet transactions carry no fee
CIMB Bank Philippines	Free	Pre-existing waived fee structure
EastWest	Free	Pre-existing waived fee structure
HSBC	Free	Pre-existing waived fee structure
GoTyme Bank	Free	Pre-existing waived fee structure
UnionDigital Bank	Free	Pre-existing waived fee structure
MariBank	15 Free Transfers Weekly	Combined cap covering both PESONet and InstaPay
PNB	Free
Metrobank	Free
PSBank	Free
Maribank	Free
BDP	Free

According to the BSP, institutions that have reduced fees but remain above levels considered reasonable by the regulator are required to submit operational justifications regarding their pricing structures.

BSP Governor Eli Remolona stated that the regulator expects additional banking institutions to modify their digital transfer pricing schedules.

This article is published on BitPinas: List: PH Banks With Free InstaPay and PESONet Transfers After BSP Fee Rules

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