The Bangko Sentral ng Pilipinas (BSP) posted the list of banks and e-money issuers that have waived their fees for InstaPay and PESONet transactions.
Electronic fund transfer (EFT) services like InstaPay and PESONet allow you to send money online from your bank or e-wallet to another bank or e-wallet in real time or within the same day.
However, some financial institutions charge fees for using these EFT services. The fees range from ₱5 to ₱50, depending on the amount and the service provider. These fees can add up if you frequently transfer money online.
Fortunately, some banks and e-money issuers have waived their fees for InstaPay and PESONet transactions until December 31, 2023. This is to encourage more Filipinos to use digital payments and reduce the use of cash.
According to the BSP, electronic fund transfers via InstaPay and PESONet surged to ₱3.81 trillion in the first four months of 2023. This figure in the same period last year was just ₱2.92 trillion; that’s a 30.1% increase year-to-year.
Here is the list of banks and e-money issuers that waived their fees for InstaPay and PESONet transactions as of November 7, 2023.
InstaPay
Until Further Notice
- BPI Direct BanKo, Inc.
- CIMB Bank Philippines
- GoTyme Bank Corporation
- Land Bank of the Philippines
- Maya Bank
- SeaBank Philippines
- Tonik Digital Bank
Until November 11, 2023
- Union Bank of the Philippines
Until December 31, 2023
- Bank of the Philippine Islands (BPI)
- BDO
- Metrobank
- Security Bank
- Rural Bank of Guinobatan
PESONet
Until Further Notice
- CIMB Bank Philippines
- East West Bank
- GoTyme Bank Corporation
- HSBC
- Land Bank of the Philippines
- Maya Bank
- SeaBank Philippines
- Tonik Digital Bank
- Union Bank
Until December 31, 2023
- Rural Bank of Guinobatan
- Security Bank
If your bank or e-wallet is not on the list, you may still be charged a fee for using InstaPay or PESONet. You can check the fees of each bank or e-wallet on their respective websites or mobile apps.
InstaPay and PESONet are both EFT services that are supported by the BSP and the Philippine Payments Management Inc. (PPMI). InstaPay allows instant money transfers of up to ₱50,000 per transaction, while PESONet facilitates next-day interbank transfers with no maximum amount limit.
