Most banks waive transfer fees in the Philippines

Mikaela Ariar, Philippine Canadian Inquirer
July 12, 2026

Photo Courtesy: BSP

PHILIPPINES – Transfer fees are now free at most banks in the country after the Bangko Sentral ng Pilipinas (BSP) urged banks and electronic money issuers to adopt more reasonable pricing for digital fund transfers to encourage the broader use of digital payments.

Under the policy, consumers can now transfer money from one bank to another through InstaPay and PESONet without paying additional fees. Previously, free transfers were generally limited to transactions within the same bank or e-wallet.

According to BSP, the move is expected to help consumers save on digital transfer costs by eliminating transfer fees charged by participating banks and e-wallets. However, not all financial institutions have waived their fees. GCash and Maya, for example, have only reduced their transfer fee to PHP5.00.

The BSP also said that institutions that fail to comply may face enforcement action because according to Circular No. 1238, BSP-supervised financial establishments are obliged to implement fair pricing mechanisms for digital payment services.

Below is the list of banks offering free transfer fees:

BDO
BPI
UnionBank
LandBank
Chinabank
Metrobank
EastWest
Security Bank
RCBC (with limit)
PNB
VYBE
UnionDigital Bank
OwnBank
Overseas Filipino Bank
BankO
MariBank
DiskarTech
Netbank Mobile
GoTyme Bank (with limit)
CIMB (with limit)