LIST: Updated InstaPay, PESONet fees for PH banks, e-wallets

CEBU CITY, Philippines – Philippine banks and e-wallets have been cutting or scrapping fees for InstaPay and PESONet fund transfers in recent weeks, following a regulatory push by the Bangko Sentral ng Pilipinas (BSP) to align charges with actual processing costs.

The wave of changes traces back to BSP Circular No. 1238, signed by BSP Governor Eli Remolona Jr. on June 17, which amends rules on pricing mechanisms for digital transactions and requires banks to justify fees with cost analyses.

The circular requires that fees for transfers across banks, e-wallets, and other payment providers should not be materially different from fees within the same institution, except mainly to reflect the switch or network cost paid to process the transaction.

READ MORE: BPI drops interbank transfer fees permanently

That switch cost has been pegged at around P1.50 per InstaPay transaction.

Here’s the list of banks that have made changes and updated their policies and transaction fees following BSP’s new circular, as of July 9, 2026.

Big banks lead the shift

Bank of the Philippine Islands (BPI) was among the first to act, making interbank transfers through InstaPay and PESONet permanently free starting July 1, benefiting more than 9.5 million enrolled users of its app.

Land Bank of the Philippines and UnionBank followed on July 7, both eliminating remaining charges on their platforms, according to industry trackers monitoring the rollout.

Rizal Commercial Banking Corp. (RCBC) also dropped InstaPay fees on July 4, though free transfers are capped depending on the app used.

Philippine National Bank (PNB) is the latest to join the trend, announcing it will waive InstaPay and PESONet fees for customers using its mobile app starting July 10.

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PNB said the move is expected to benefit more than 1.6 million users of its digital banking platform, with PNB President and CEO Edwin Bautista saying the timing coincides with the bank’s 110th anniversary and its goal of making banking “more convenient” for customers.

E-wallets adjust rather than eliminate

Unlike some universal banks, leading e-wallets have trimmed rather than removed fees.

GCash lowered its bank-transfer fee to P10 from P15 starting July 4, with the reduced rate applying to InstaPay transactions capped at P50,000 per transaction.

Maya followed on July 6, cutting its InstaPay fee to P10 from P15, while keeping Maya-to-Maya transfers and PESONet transfers free.

Not yet uniform

Despite the momentum, the fee landscape remains uneven.

The BSP’s rules do not mandate a uniform free-transfer system, meaning consumers continue to deal with varying offerings across institutions.

Several banks and digital lenders still impose monthly or weekly free-transaction quotas before reverting to standard fees, while a few legacy banks have yet to announce changes.

The BSP has said it hopes greater fee transparency and competition will accelerate the shift toward digital payments, which it wants to account for 60 percent to 70 percent of retail transaction volume by 2028.

Consumers are advised to check their respective banking apps regularly, as promotional rates and fee waivers are subject to change with little advance notice. /INQUIRER.net, PNA

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