As digital monetary transactions increased over the years, so did the additional transfer fees, much to the dismay of Filipino customers. But these past few weeks, Filipino customers have a reason to celebrate as more banks and e-wallets lower or completely waive their InstaPay and PESONet transfer fees.

This move is in response to the Bangko Sentral ng Pilipinas (BSP) pushing for banks and e-wallets to bring down digital transfer fees. Under Circular No. 1238, the BSP required BSP-supervised financial institutions to adjust their digital transfer pricing to “reasonable” costs by 4 July 2026. In response, BPI got the ball rolling, announcing that it was waiving its transfer fees. More financial institutions are now following suit.

Here’s a complete list of the banks and e-wallets that have announced waived or lower fees for transfers made via InstaPay and PesoNet.

Make sure to bookmark this page as this list will be updated as announcements are made!

BPI

InstaPay: now FREE via the BPI app (originally PHP 10)
PesoNet: now FREE via the BPI app (originally PHP 50)
Effectivity date: 1 July 2026

RCBC

InstaPay: now FREE for up to 30 transactions of minimum PHP 100 per month, and a PHP 10 fee applies after the cap or for transactions below the minimum PHP 100
Effectivity date: 4 July 2026

GCash

InstaPay: now PHP 10 (originally PHP 15)
Effectivity date: 4 July 2026

Maya

InstaPay: now PHP 10 (originally PHP 15) for transfers to other banks, while Maya-to-Maya transfers remain free
PesoNet: already FREE
Effectivity date: 6 July 2026

UnionBank

InstaPay: now FREE via the UnionBank app (originally PHP 10)
PesoNet: already FREE
Effectivity date: 7 July 2026

Land Bank

InstaPay: now FREE via Landbank Mobile Banking App and iAccess (originally PHP 8, with one free transfer per day for transactions of PHP 1,000 and below)
PesoNet: now FREE via Landbank Mobile Banking App and iAccess
Effectivity date: 7 July 2026

Banks and e-wallets that already have waived fees

According to BSP’s disclosures as of July 6, the following financial institutions have waived fees for InstaPay or PesoNet:

Waived and zero fees for InstaPay

• UnionDigital Bank
• Equicom Savings Bank
• OwnBank
• Netbank
• UnionDigital Bank
• CIS Bayad Center

Waived with conditional zero fees for InstaPay

• CIMB Bank
• Security Bank
• Maribank
• GoTyme

Waived and zero fees for PesoNet

• CIMB Bank Philippines
• EastWest
• HSBC
• UnionBank
• City Savings Bank
• Equicom Savings Bank
• GoTyme
• Maya Bank
• UnionDigital Bank

Waived with conditional zero fees for PesoNet

• Security Bank
• Maribank

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