BDO waives InstaPay, PESONet transfer fees

TL;DR: BDO Unibank has removed transfer fees for InstaPay and PESONet transactions made through the BDO Online and BDO Pay apps. The move follows the Bangko Sentral ng Pilipinas' (BSP) new rules on interbank transfer charges.

BDO Unibank has removed transfer fees for InstaPay and PESONet transactions made through the BDO Online and BDO Pay apps.
The move follows the Bangko Sentral ng Pilipinas' (BSP) new rules on interbank transfer charges.
Under BSP Circular 1238, banks that already provide free transfers within the same bank can only charge the real switch cost for transfers going to other banks.
At the same time, RCBC says it will do free InstaPay transfers but with monthly limits, while GCash and Maya have reduced their interbank transfer fee to Php 10.
The BSP said it will continue discussing compliance with banks and financial institutions.

BDO Unibank has removed transfer fees for InstaPay and PESONet transactions made through the BDO Online and BDO Pay apps. The move follows the Bangko Sentral ng Pilipinas’ (BSP) new rules on interbank transfer charges.

Under BSP Circular 1238, banks that already provide free transfers within the same bank can only charge the real switch cost for transfers going to other banks. Because of that , a number of banks ended up waiving their transfer fees, not really surprising.

Earlier, BPI, Metrobank, Security Bank, LandBank, and Philippine National Bank announced free InstaPay and PESONet transfers as well. At the same time, RCBC says it will do free InstaPay transfers but with monthly limits, while GCash and Maya have reduced their interbank transfer fee to Php 10.

The BSP said it will continue discussing compliance with banks and financial institutions.

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