Philippine Banks Are Waiving Transfer Fees. Here’s Why It Matters.
For years, sending money from one bank to another in the Philippines almost always came with a fee. Whether it was ₱10, ₱15, ₱25, or even higher, these charges quietly added up—especially for people who transferred money regularly for business, bills, or everyday expenses.
But if you’ve used online banking recently, you may have noticed something surprising:
Many banks have started offering FREE InstaPay transfers.
So what changed?
Here’s everything you need to know.
A Big Shift in Philippine Banking
Several major banks in the Philippines have recently reduced or completely removed their InstaPay transfer fees.
Among those now offering free transfers are:
- BPI
- RCBC
- LANDBANK
- GoTyme
- SeaBank
- Tonik
Other banks have also significantly lowered their fees instead of eliminating them entirely.
This marks one of the biggest changes to digital banking in recent years.
Why Are Banks Suddenly Removing Transfer Fees?
The biggest reason is a new policy from the Bangko Sentral ng Pilipinas (BSP).
Through BSP Circular No. 1238, banks are now encouraged to charge fees that more accurately reflect the actual cost of processing electronic fund transfers.
Previously, many customers paid anywhere from ₱10 to ₱25 for every InstaPay transaction, even though the underlying cost of processing those transfers had become much lower as digital banking technology improved.
Rather than continue charging higher fees, several banks decided to waive them completely.
Competition Is Also Driving the Change
The Philippine banking industry has become much more competitive.
Customers today can easily open accounts with multiple banks and digital banks without ever visiting a branch.
If one bank charges ₱25 for a transfer while another offers it for free, the choice becomes obvious.
Instead of risking customers moving their money elsewhere, many banks have chosen to eliminate transfer fees altogether.
Digital Banking Is Cheaper Than Branch Banking
Banks are also encouraging customers to perform transactions digitally.
Every transfer completed through a mobile app or online banking platform reduces the need for over-the-counter services, paperwork, and branch operations.
Lower operating costs mean banks can afford to charge lower fees while improving customer satisfaction.
It’s a win for both the bank and its customers.
Which Banks Currently Offer Free Transfers?
As of July 2026, here’s a quick overview of current InstaPay fees.
|
Bank |
InstaPay Fee |
|
BPI |
FREE |
|
RCBC |
FREE |
|
LANDBANK |
FREE |
|
GoTyme |
FREE |
|
SeaBank |
FREE |
|
Tonik |
FREE |
|
CIMB |
FREE (first two transfers daily) |
|
China Bank |
₱5 |
|
Metrobank |
₱8 |
|
UnionBank |
₱10 |
|
Maya |
₱10 |
|
Security Bank |
₱25 (current published fee) |
Transfer fees may change without prior notice. Always check your bank’s latest fee schedule.
How Much Can You Actually Save?
Let’s say you transfer money:
- 20 times per month
- Previous fee: ₱25
That’s:
₱500 every month
or
₱6,000 every year
just in transfer fees.
With free transfers, that money stays in your pocket.
For freelancers, online sellers, entrepreneurs, and families who regularly move money between banks, the savings can be significant.
What This Means for Consumers
Lower transfer fees encourage more Filipinos to embrace digital banking.
Benefits include:
- Faster payments
- Easier money transfers
- Lower transaction costs
- More convenient online banking
- Greater financial inclusion
As more banks compete for customers, consumers stand to benefit from better services and lower fees.
Will Free Transfers Stay Forever?
Not necessarily.
Some banks, such as BPI, have announced that free InstaPay and PESONet transfers are a permanent feature.
Other banks may adjust their pricing over time depending on market conditions and business strategies.
That’s why it’s always a good idea to check your bank’s latest announcements before making frequent transfers.
The Bottom Line
For years, transfer fees were simply accepted as part of digital banking.
Today, that’s changing.
With support from the BSP and growing competition among financial institutions, moving money has become cheaper—and in many cases, completely free.
For millions of Filipinos, that’s one less expense to worry about.
As digital banking continues to evolve, consumers can expect even more convenient, affordable, and accessible financial services in the years ahead.
Disclaimer: Bank transfer fees are based on publicly available announcements as of July 2026 and may change without prior notice. Always verify the latest fee schedule through your bank’s official website or mobile application before making transactions.