UnionBank has removed transaction fees for person-to-person fund transfers made through InstaPay, with the new policy taking effect today, July 7, 2026.
The bank announced the update through an official advisory, making InstaPay transfers free for its customers. With this change, UnionBank joins other commercial banks in the Philippines that have also removed fees for real-time digital fund transfers.
According to UnionBank, the zero-fee InstaPay service is now part of its list of free digital banking features available through the UnionBank Online app. Customers can already use several services without additional charges, including PESONet transfers, transfers between UnionBank accounts, utility bill payments, mobile load purchases, and QRPh payments at participating stores.
InstaPay is a payment network that allows users to send money between different banks and e-wallets in real time. It is commonly used for personal fund transfers because the money is received almost instantly.
More banks in the Philippines have been removing InstaPay transfer fees as digital banking services continue to become more competitive. In recent months, several lenders have introduced free real-time fund transfers, giving customers more options for sending money without additional charges.
The shift comes after the Bangko Sentral ng Pilipinas (BSP) lifted its five-year moratorium on electronic fund transfer pricing under BSP Circular No. 1238, allowing banks to set their own transfer fees. Since then, some banks have chosen to keep charging for InstaPay transactions, while others have removed the fees as part of their digital banking offerings.
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