Chinabank has removed all charges for InstaPay and PESONet transactions made through its digital banking services, with the new policy taking effect on July 9.
The waiver covers fund transfers completed using the My CBC mobile application and the My CBC Online platform, allowing customers to send money without paying transaction fees.
The bank joins a growing number of financial institutions in the Philippines that have already abolished interbank transfer charges. The move aligns with the Bangko Sentral ng Pilipinas’ (BSP) efforts to make electronic payment services more affordable and accessible to the public.
Under the BSP’s latest directive, banks and payment providers are expected to ensure that fees for person-to-person electronic transfers between different banks, e-wallets, and financial platforms remain comparable to the costs of transactions within the same institution.
The central bank said:
“These institutions must now also have an analysis of their costs for delivering electronic payment products and services.”
Aside from traditional banks eliminating transfer fees, digital financial platforms have also started adjusting their pricing structures.
Digital bank Maya, for example, recently lowered its InstaPay transaction fee from ₱15 to ₱10.