Philippine banks are waiving transfer fees mainly because the Bangko Sentral ng Pilipinas (BSP) just tightened the rules on digital transfer pricing, making old fees harder to defend. The central bank lifted its five-year freeze on fee increases and said charges should be reasonable, transparent, and close to actual processing cost, which it pegged at around P1.50 per transaction for interbank transfers.
What changed
The key policy shift is BSP Memorandum No. M-2026-025 and Circular 1238, which took effect in early July 2026 and pushed banks to justify any high or unchanged InstaPay and PESONet fees. The BSP also said small-value QR Ph merchant payments should stay free, reinforcing the move toward cheaper everyday digital payments.
Why banks reacted fast
Banks are responding quickly because waiving fees is the easiest way to stay aligned with the new rules and avoid scrutiny from the BSP. Some banks also see fee waivers as a customer-acquisition move: free transfers make it easier to attract and retain depositors, especially for everyday payments.
Why some still charge
E-wallets and some providers have narrower revenue streams than full-service banks, so they may be less able or less willing to make transfers completely free. That’s why some platforms lowered fees instead of removing them entirely, while others kept charging and now have to explain why under the new framework.
What this means
For consumers, the immediate result is cheaper or free digital bank transfers, especially for common InstaPay and PESONet transactions. For the market, the bigger effect is stronger price competition, since once major banks go free, others have more pressure to match them or justify their fees.
Here are the Philippine banks currently offering free InstaPay transfers, based on reports from July 8–10, 2026: BDO, BPI, Metrobank, Security Bank, LandBank, PNB, and RCBC (with a limit on RCBC’s free InstaPay via Pulz/DiskarTech).
Banks with free InstaPay
BDO — free InstaPay transfers on BDO Online and BDO Pay.
BPI — waived InstaPay and PESONet fees starting July 1.
Metrobank — removed InstaPay and PESONet transfer fees.
Security Bank — removed InstaPay and PESONet transfer fees.
LandBank — free starting July 7.
PNB — free starting July 10.
RCBC — free InstaPay through Pulz and DiskarTech, but only for the first 30 transfers per month and with a minimum P100 amount.
Important caveat
RCBC is not fully unrestricted free transfer for every case, because the bank’s free InstaPay offer has a monthly cap and minimum amount requirement. Also, some banks may change pricing quickly as they adjust to BSP Circular 1238, so the list can expand further in the coming days.
What to watch
The BSP’s new pricing rules are still pushing more banks to revise fees, so additional institutions may announce free or lower-cost transfers soon. If you want, I can turn this into a cleaner table with the bank, fee status, effective date, and any limits.
