LIST: Banks and e-wallets with free or lower digital transfer rates
Good news for your wallet! The Bangko Sentral ng Pilipinas is stepping in to make going cashless a whole lot cheaper and more practical for everyone.
Through BSP Circular No. 1238, the central bank is ordering banks and e-wallets that their fees must be fair and strictly match the actual, low cost of running a digital service. The BSP points out that because online transfers are fully automated, they are much cheaper to run than traditional face-to-face cashier transactions—meaning your digital fees should naturally be significantly lower, too.
Following this regulatory push, a few financial institutions have already rolled out better transaction rates. Here are the local banks and e-wallets that have updated their digital transfer policies:
BPI
The Bank of the Philippine Islands announced the waived InstaPay and PESONet fees on the BPI app, BPI Online, VYBE e-wallet, and BizKo, starting July 1. Previously, it charged users P10 for InstaPay and P50 for PESONet transfers.
CIMB Bank
CIMB Bank PH customers can make up to two free InstaPay transfers daily to other local banks, with a maximum limit of P50,000 per transaction. Any subsequent InstaPay transactions beyond the daily limit will incur a P10 fee per transfer. For larger amounts or transfers exceeding the daily InstaPay quota, customers can opt for PESONet, which remains free.
GCash
Started last July 4, GCash has reduced its bank transfer fee from P15 to P10. The minimum transfer amount is still capped at P50,000, and the number of times you are allowed to send and receive money also remain at 500 each.
GoTyme Bank
GoTyme Bank users enjoy 20 free InstaPay transfers monthly when sending funds to other banks or e-wallets, with the quota resetting on the first of every month. Once exceeded, a P9 fee applies per InstaPay transaction. Alternatively, users can offset this fee using Go Rewards points.
Meanwhile, GoTyme-to-GoTyme transfers remain free and unlimited, and all PESONet transfers are also waived.
LandBank
Starting Tuesday, July 7, LandBank will make all online fund transfers free via the LANDBANK Mobile Banking App and iAccess for InstaPay and PESONet transactions.
Maya
Digital bank Maya also announced that it will reduce its InstaPay fund transfer fee to other banks from P15 to P10, beginning Monday, July 6. Maya-to-Maya and PESONet transfers remain free. They highlighted that the move aims to make digital banking "simple, accessible, and affordable for more Filipinos."
MariBank
Since updating its transaction policy on June 1, MariBank has been offering 50 free InstaPay and PESONet transfers per month. Transfers exceeding this limit will incur a P15 processing fee per transaction. The free transfer quota resets on the 1st day of every month.
RCBC
The Rizal Commercial Banking Corporation is also saying goodbye to its transfer fees. Since July 4, customers can enjoy 30 free InstaPay fees whenever they send money to other local banks through RCBC Pulz, with a minimum transfer amount of P100.
UnionBank
UnionBank customers can make InstaPay person-to-person transfers via UnionBank Online for free starting July 7.
This is in addition to zero fees for PESONet transfers, UnionBank-to-UnionBank transfers, bills payments, telco load purchases, and in-store payments via QRPh.
