The BSP is reviewing whether financial institutions and e-wallet operators comply with Circular No. 1238 after several providers, including GCash and Maya, reduced but did not eliminate their InstaPay transfer fees.
The pricing updates follow regulatory adjustments directed by the Bangko Sentral ng Pilipinas (BSP) regarding electronic payment pricing.
PSBank’s decision follows a sequence of digital transfer fee adjustments by local commercial and state-run banking institutions.
The new policy replaces Metrobank’s previous reduced rate of ₱8 for InstaPay and ₱50 for PESONet transactions.
Under the update, depositors will incur ₱0 charges for electronic fund transfers across both local retail networks.
Several Philippine banks and e-wallets have reduced or eliminated InstaPay and PESONet transfer fees following new BSP pricing rules. Here’s the latest list of institutions offering free and lower-cost transfers.
The announcement follows a similar decision by the Bank of the Philippine Islands (BPI), which permanently waived its InstaPay and PESONet transfer fees effective July 1.
The waiver will apply across BPI’s main digital channels, including its mobile application, BPI Online web platform, VYBE e-wallet, and BizKo platform for small businesses.
The BSP has lifted its moratorium on InstaPay and PESONet fee increases, introducing a market-based pricing framework while maintaining protections for consumers and small digital payments.
This move aims to reduce transaction costs and support financial inclusion.
