A wave of local financial institutions has eliminated transaction charges for InstaPay and PESONet fund transfers, aligning with the central bank’s push to make electronic banking more affordable.
Major lenders BDO, Metrobank, PSBank, Security Bank, and EastWest Bank are the latest to scrap the fees for these electronic transfer services. They join other dominant industry players like BPI, RCBC, LandBank, and PNB, which had previously removed their respective transfer charges.
The widespread removal of fees comes on the heels of a Bangko Sentral ng Pilipinas (BSP) circular directing banks to lower interbank transaction expenses.
According to the regulatory framework, peer-to-peer digital payments across differing banking institutions, digital wallets, or payment platforms must align closely with the internal rates applied to same-bank transfers.
To maintain market fairness and transparency, the central bank is requiring financial institutions to defend their fee models.
”These institutions must now also have an analysis of their costs for delivering electronic payment products and services,” the BSP said.
As mainstream banks pivot toward completely free digital transfers, digital-only bank Maya has opted for a rate reduction, lowering its standard InstaPay transaction fee from ₱15 to ₱10.