According to the Bangko Sentral ng Pilipinas, the following local banks have extended the waiver of their interbank money transfer fees.
Last year, almost all local banks and e-wallets GCash and PayMaya waived their instaPay and PESONET transactions fees because of the pandemic. When the government placed the country under enhanced community quarantine because of COVID-19, most account holders turned to online banking and cashless transactions.
Now, several banks are extending the waiver of the fees as the country slowly recovers from the pandemic.
For those not familiar, instaPay allows account holders to transfer money via online channels up to PHP 50,000 to other banks and e-wallets in real time; PESONET, on the other hand, offers same-day crediting for much higher amounts and usually higher transaction fees.
List of Banks that extended waived fees (As of January 5, 2021)
Until December 31, 2021
- CIMB Bank Philippines
- CTBC Bank (PESONET only)
- Development Bank of the Philippines
- East West Bank (PESONET only)
- East West Rural Bank (PESONET only)
- HSBC Savings Bank
- 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 Bank
- CTBC Bank (InstaPay only)
- East West Rural bank (InstaPay only)
- Equicom Savings Bank
- Land Bank of the Philippines
- Philippine Bank of Communications (Php 1 fee for InstaPay)
- Philippine Business Bank, Inc.
- Philippine National Bank
- Philippine Veterans Bank
- PS Bank
- Robinsons Bank (Php 1 fee for InstaPay and PESONET)
- Security Bank
- Sterling Bank of Asia
- Union Bank of the Philippines
Until January 31, 2021
- AllBank, Inc.
- Cebuana Lhuillier Rural bank
- East West Bank (InstaPay only)
- RCBC via online banking