Metrobank waives InstaPay, PESONet transfer fee

MANILA, Philippines – Metropolitan Bank & Trust Co. (Metrobank) has scrapped transfer fees for transactions made through its mobile app, becoming the latest bank to waive charges for digital fund transfers as the banking industry responds to the Bangko Sentral ng Pilipinas’ (BSP) push for more affordable digital payments.

In an advisory on Thursday, the Ty family-led lender said all money transfers made through the Metrobank App via InstaPay and PESONet are now free.

“Whether it’s your usual transactions via InstaPay, or you’re sending bigger amounts via PESONet, all transfers are now free,” the bank said.

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The move comes after the BSP’s circular which encourages financial institutions to adopt reasonable and market-based pricing for person-to-person digital fund transfers to make digital financial services more accessible.

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Metrobank joins several major banks that have recently eliminated transfer fees, including Bank of the Philippines Islands, Land Bank of the Philippines, UnionBank and Philippine National Bank.

Digital finance players have also lowered the cost of sending money. Maya has reduced its InstaPay transfer fee to P10, while GCash cut its charge to P10 from P15. INQ

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