These Banks Are Waiving Online Fees Until the End of 2021

Pre-quarantine, InstaPay and PESONet fees ranged from P15 to P50.

instapay fees
PHOTO BY Pixabay/Anna Shvets ILLUSTRATION War Espejo

(SPOT.ph) The ongoing quarantine forced most of us to shift to online banking and e-payment transactions, whether settling bills via mobile apps or paying small businesses through interbank transfers. It was a huge help when banks waived fees for PESONet and InstaPay transactions as early as March 2021, and it looks like this policy continues until the end of 2021.

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Bangko Sentral ng Pilipinas on January 27 announced an updated list of banks and e-money issuers that are extending their waiver of fees for PESONet and InstaPay transactions. This move by the members of the Philippine Payments Management Inc. is in response to the central bank's "call to strengthen the use of digital payments to help curb physical payment transactions amid the COVID-19 pandemic."

The banks that will waive their InstaPay fees are:

Until December 31, 2021

  • Development Bank of the Philippines
  • ING Bank, N.V.
  • RCBC via DiskarTech mobile app

Until June 30, 2021

  • Rural Bank of Guinobatan

Until March 31, 2021

  • Asia United Bank
  • Binangonan Rural Bank
  • China Bank Savings
  • China Banking Corporation
  • CTBC Bank (Philippines) Corporation
  • East West Rural Bank
  • Equicom Savings Bank
  • Grabpay
  • Land Bank
  • Maybank Philippines, Inc.
  • Metrobank
  • PBCOM (P1.00)
  • PNB
  • PS Bank
  • Robinsons Bank (P1.00)
  • Security Bank (via SB online)
  • Sterling Bank of Asia
  • Union Bank of the Philippines
  • United Coconut Planters Bank
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Until February 15, 2021

  • Paymaya Philippines, Inc.

Until January 31, 2021

  • AllBank, Inc.
  • Cebuana Lhuiller Rural Bank
  • DCPay Philippines
  • East West Bank
  • RCBC via online banking
  • StarPay Corporation

The banks that will waive the fees for PESOnet are:

Until December 31, 2021

  • CIMB Bank Philippines
  • Citibank (retail clients)
  • CTBC Bank Philippines
  • Development Bank of the Philippines
  • East West Bank
  • East West Rural Bank
  • HSBC (retail clients)
  • HSBC Savings Bank (retail clients)
  • ING Bank, N.V.

Until June 30, 2021

  • Rural Bank of Guinobatan

Until March 31, 2021

  • Bank of Makati, Inc.
  • China Bank Savings
  • China Banking Corporation
  • Country Builders Bank
  • Land Bank
  • Metrobank
  • Philippine Business Bank
  • Philippine Trust Company
  • Philippine Veterans Bank
  • PNB
  • PS Bank
  • Robinsons Bank (P1.00 fee)
  • Sterling Bank of Asia
  • United Coconut Planters Bank
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Until January 31, 2021

  • AllBank, Inc.
  • DCPay Philippines

InstaPay and PESONet fees range from P15 to P50, depending on your bank. InstaPay allows instant money transfers from different banks, while PESONet facilitates next-day interbank transfers.

For updates, follow Bangko Sentral ng Pilipinas on Facebook.

UPDATED (February 1, 2021): This list has been updated with a new list from Bangko Sentral ng Pilipinas as of January 27, 2021.

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