These Banks Waived InstaPay Fees for Transfers Worth P1,000 and Below
More reasons for you to go cashless.
(SPOT.ph) Looking for more reasons to go cashless? Several banks said it would waive fees for InstaPay transfers worth P1,000 and below, giving clients several months to save up on transaction fees for small amounts.
This is in line with the Bangko Sentral ng Pilipinas' (BSP) goal to encourage more Filipinos to switch to online payment transactions. The central bank in February said it wanted banks to consider waiving fees on small transfers so more people can use digital payments.
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Banks offering free Instapay transfers for small amounts
BPI
The Ayala-led bank allows free InstaPay transfers via the mobile app for amounts worth P1,000 or less. This means clients can save up to P25 per transaction for small amount transfers until September 30, 2023.
Metrobank
Small fund transfer of up to P1,000 using the Metrobank app is free until September 30, 2023.
UnionBank
UnionBank said that it is waiving fees for transfers of up to P1,000 starting Tuesday, August 8, with the promo extending until November 11, 2023.
Editor's note: We will update this list as more banks announce their promos.