Sending money online is getting cheaper as more banks and e-wallets reduce or waive transfer fees following new pricing rules from the Bangko Sentral ng Pilipinas (BSP).
Several financial institutions have already rolled out lower charges for InstaPay and PESONet transfers, while others now offer free transfers with certain conditions. More banks are expected to follow, according to BSP Governor Eli Remolona Jr.
Banks and E-Wallets With Lower Fees
BPI permanently waived InstaPay and PESONet transfer fees to other banks and e-wallets beginning July 1. The waiver covers transactions made through the BPI app, BPI Online, VYBE, BanKo, and BizKo. Previously, customers paid P10 for InstaPay transfers and P50 for PESONet.
RCBC made the first 30 InstaPay transfers per month free through RCBC Pulz starting July 4 for transactions worth at least P100. Transfers beyond the monthly limit or below P100 cost P10.
Maya cut its InstaPay fee from P15 to P10 starting July 6. Maya-to-Maya transfers and PESONet transactions remain free.
GCash also lowered its InstaPay bank transfer fee from P15 to P10 beginning July 4 for transactions of up to P50,000.
Meanwhile, LandBank continues to offer conditional free transfers. Customers can make one free InstaPay transfer worth P1,000 or less per day and three free PESONet transfers worth P1,000 or less daily through its mobile banking app and iAccess.
Why Fees Are Going Down
The BSP has directed banks and electronic money issuers to align digital transaction fees with actual processing costs.
Under the new rules, electronic transfers should cost less than over-the-counter transactions, recipients must receive the full amount sent, and interbank transfer fees should not be significantly higher than transfers within the same bank, except for switching costs charged by payment networks.
More Banks Expected to Follow
Remolona said more financial institutions are expected to announce fee reductions soon.
"We prefer if more will participate. So the entry fee will be lowered. If it's zero, even better," he said, underscoring the BSP's goal of making digital payments more affordable and encouraging wider adoption.
