These banks are waiving their transfer fees until end of 2023

As the most wonderful—yet most expensive—month of the year approaches, several banks and money issuers in the Philippines have found a way to help Pinoys cut spending by waiving their transfer fees until the end of 2023.

On Monday, Nov. 6, Bangko Sentral ng Pilipinas (BSP) released an updated list of banks removing fees for electronic fund transfers done via InstaPay and PESOnet starting Nov. 11 until Dec. 31 this year.

The move comes amid BSP's call on banks to promote cashless payments among its users. In addition, the government-owned Land Bank of the Philippines (Landbank) said on Oct. 31 that its temporary removal of transfer fees is a "holiday gift" for its customers.

Below are the financial institutions waiving transfer fees ranging from P15 to P25, according to BSP:

InstaPay

Until Nov. 11

Union Bank of the Philippines (transactions worth P1,000 and below)

Until Dec. 31

• Bank of the Philippine Islands (for transactions up to P1,000 using BPI app)
• Metropolitan Banks and Trust Company (for transactions worth P1,000 below on Metrobank Online and Metrobank App)

InstaPay and PESONet, until Dec. 31

• BPI Direct BangKo, Inc. (for InstaPay, fees are waived for transactions below P1,000)
• CIMB Bank Philippines
• GoTyme Bank Corporation (for InstaPay, fees are waved for the first three transactions in a week)
• Land Bank of the Philippines (for the first three transactions worth P1,000 and below)
• Maya Bank, Inc. (for InstaPay, fees are waved only for business deposits)
• Rural Bank of Guinobatan
• SeaBank Philippines, Inc. (for first 15 sending transactions per week, PESONet and InstaPay combined)

PESONet, until Dec. 31

• East West Bank
• HSBC (retail clients)
• HSBC Savings Bank (retail clients)
• PayMongo Payments, Inc.
• Philippine Business Bank, Inc.
• Tonik Digital Bank, Inc.
• Union Bank of the Philippines (retail clients)

InstaPay allows users to transfer funds across bank in real time, while PESONet enables individuals, businesses, and the government to make bank-to-bank transactions within the same banking day.

According to an ABS-CBN News report last February, BSP said that it wants banks to waive fees on small bank-to-bank transactions, particularly those amounting P200 to P500, to encourage more people to use digital payments.

BSP Governor Felipe Medalla said that the central bank has been talking to the Bankers Association of the Philippines on how to “subsidize" these transactions.

"We are literally bribing the banks to subsidize the small transactions, and from what I hear from BAP, they are receptive to this and I look forward to more digital payments, especially by the poor using their accounts which has grown significantly because of Instapay,” Medalla was quoted as saying.

Since then, a number of banks have responded to BSP's call, including BPI, Metrobank, and Land Bank which waived fees for bank-to-bank transactions last July.