The Philippine National Bank (PNB) has announced that it will permanently scrap transaction fees for both InstaPay and PESONet starting July 10.
According to the lender, the zero-fee policy will cover all domestic money transfers executed via the PNB Digital mobile application.
With this update, PNB joins a growing roster of major local banks—such as the Bank of the Philippine Islands (BPI), Rizal Commercial Banking Corporation (RCBC), and LandBank of the Philippines—that have recently axed charges for online fund transfers.
The sweeping changes across the banking sector come on the heels of a regulatory push from the Bangko Sentral ng Pilipinas (BSP) aimed at lowering digital transaction costs.
The central bank’s updated guidelines mandate that interbank electronic fund transfers between different financial firms, e-wallets, and payment platforms must align with the minimal rates typically charged for intra-bank transactions.
Commenting on the cost-efficiency assessment, the BSP noted:
”These institutions must now also have an analysis of their costs for delivering electronic payment products and services.”
As traditional banks pivot toward zero-fee structures, digital financial platforms are following suit by lowering their tariffs; notably, digital banking giant Maya recently trimmed its InstaPay transaction charge from ₱15 to ₱10.