Goodbye Transfer Fees: These Banks Have Waived InstaPay, PESONet Until the End of 2023

(SPOT.ph) Planning to send out pamaskos in the form of digital currency? You'll be glad to know the banks that won't have you spend another peso on transfer fees for Christmas.

The Bangko Sentral ng Pilipinas (BSP) has released the list of banks that will be waiving small value transaction fees for electronic fund transfers starting November 11 until December 31, 2023.

Currently, most banks make use of PESONet and Instapay for online money transfers, with usual fees ranging from P5 to P25. According to BSP, the value of electronic fund transfers via InstaPay and PESONet surged 36% to P955.9 billion in January 2023 compared to last year. 

However, do note that some banks will only waive transfer fees for fund transactions worth P1,000 and below.

Also read: Could Online Bank Transfer Fees be Permanently Waived Soon? The BSP Is Working On It

Banks with no transfer fees via PESONet and Instapay until the end of 2023

PESONet

• BPI Direct BanKO
• Country Builders Bank
• CIMB Bank Philippines
• East West Bank
• GoTyme Bank
• HSBC
• HSBC Savings Bank
• Land Bank of the Philippines (free for the first three transactions worth P1,000 and below starting November 1)
• Maya Bank
• PayMongo Payments
• Philippine Business Bank
• Rural Bank of Guinobatan
• SeaBank Philippines (free for the first 15 transactions per week, P15 to be charged per excess transaction)
• Tonik Digital Bank
• Union Bank of the Philippines

InstaPay

• Bank of the Philippine Islands (free for transactions worth P1,000 and below using the BPI app)
• BPI Direct BanKO
• CIMB Bank Philippines
• GoTyme Bank Corporation (free three transfers per week, P8 to be charged per excess transaction)
• Land Bank of the Philippines
• Maya Bank
• Metropolitan Bank and Trust Company (free for transactions worth P1,000 and below using the Metrobank app)
• Rural Bank of Guinobatan
• SeaBank Philippines (free for the first 15 transactions per week, P15 to be charged per excess transaction)
• Tonik Digital Bank

In February, BSP Governor Felipe Medalla also proposed to permanently remove transfer fees in a bid for more financial inclusion in the country.

Among the BSP’s proposed incentives is to lower the reservable liabilities that banks are required to keep with the central bank which cannot be lent out, in exchange for free money transfers. We have yet to hear updates on this proposal.

Also read: What’s the Cheapest Way to Cash in On GCash?