TL;DR: Free instaPay transfer fees of banks are coming to an end.
The Bangko Sentral ng Pilipinas (BSP) has recently posted its updated list of PH banks with waived instaPay fees. On the list, only four institutions will waive their transfer fees until the end of the year.
The two of the country’s largest banks, BPI and BDO, have already started charging for other bank fund transfers. Metrobank and Land Bank will follow suit in June.
For those not familiar, instaPay allows bank account holders to transfer money via online channels up to Php 50,000 to other banks and e-wallets in real-time.
Until 31 December 2021
- Asia United Bank
- Development Bank of the Philippines
- ING Bank, N.V.
- RCBC via DiskarTech mobile app
Until 30 June 2021
- Camalig Bank
- China Bank
- China Bank Savings
- East West Rural Bank
- Equicom Savings Bank
- GrabPay
- Land Bank
- Metrobank
- PS Bank
- Rural bank of Guinobatan
- Union Bank
- United Coconut Planters Bank
Until 30 April 2021
- East West Bank
Until 20 April 2021
- Security Bank (via SB online)
