By Ica Hontiveros-Cheng
Published Jul 7, 2026 07:30 pm
Banks and e-wallets have been playing catch-up in announcing zero transfer fees, free transfers, or a lower transfer fee, and consumers are enjoying it. BPI made the announcement first, saying it will waive the InstaPay and PESONet fees on the BPI app, BPI Online, VYBE e-wallet, and BizKo starting July 1, 2026.
BPI President and CEO TG Limcaoco said that eliminating the per-transaction charges was a meaningful step toward financial inclusion for millions of Filipinos. By making digital transfers completely free, BPI aims to simplify everyday payments.
As of this writing RCBC DiskarTech, UnionBank, and Landbank have already announced free bank transfers.
These free bank transfers did not just happen. Through Memorandum No. M-2026-025, which was issued last June 17, the BSP (Banko Sentral ng Pilipinas) lifted the moratorium on increases in InstaPay and PESONet transaction fees. It also issued new rules aimed at making electronic charges fairer, more transparent, and reflective of actual costs for them.
The BSP indicated that digital transfer fees should be significantly lower than actual face-to-face bank transfers. And while a number of banks have already announced free transfer fees, others are offering a number of free monthly or daily transfers.
MariBank has been offering 50 free InstaPay and PESONet transfers per month since updating its transaction policy on June 1. However, there will be a P15.00 transfer fee after the limit is exceeded.
Not to be confused with RCBC Diskartech, RCBC Pulz offers 30 free monthly transfers as long as the transaction is P100.00 and above.
In case you didn’t know, you can use your Robinsons Go Rewards points to cover transfer fees through GoTyme Bank. Although you don’t have to use it just yet, since GoTyme users enjoy 20 free InstaPay transfers monthly. Keep in mind that GoTyme’s PESONet transfers are unlimited and free.
CIMB Bank customers can make up to 2 free InstaPay transfers daily to local banks, subject to a maximum of P50,000.00 per transaction. Should you have already used your two daily transfers, subsequent transactions will incur a P10.00 fee. CIMB Prime or CIMB Biz account holders can enjoy up to 10 free daily transfers. Please note that PESONet transfers through CIMB are still free.
Both GCash and Maya decreased their transfer fees from P15.00 to P10.00. PESONet transfers for Maya are still free.
Metrobank lowered its InstaPay transfer fee to P8.00 per transaction, the lowest rate that the bank has offered. The transfer fee before was at P25.00.
From P10.00, Chinabank has also reduced its InstaPay fee to just P5.00 per transaction.
On Monday, Malacañang expressed hope that more banks would follow suit and make digital fund transfers free of charge. A definite win for consumers, as they surely appreciate every peso saved. Here’s to hoping more banks follow.
