Waiver of fees for PESONet and InstaPay
Bangko Sentral ng Pilipinas (BSP) has listed the banks with an extended waiver of fees for PESONet and InstaPay. The initiative is due to the government agency’s push for digital payments as the country continues its fight against COVID-19.
UPDATE: As Metro Manila and other neighbor provinces go under MECQ, we recently updated the list as of August 4, 2020 based on the information posted by BSP.
Check out the full list of participating banks below.
Banks to waive fees for PESONet and InstaPay until December 31, 2020:
• Asia United Bank
• Land Bank of the Philippines
• Development Bank of the Philippines
• Security Bank
• Sterling Bank
• Standard Chartered Bank
• East West Banking Corporation
• United Coconut Planters Bank
• Maybank Philippines Inc.
• HSBC (waived for retail, corporate accounts reduced from PHP 150 to PHP 50)
Banks to waive fees for PESONet and InstaPay until September 30, 2020:
• Bank of the Philippine Islands
• China Bank
• PNB (until further notice)
• Bank of Commerce
• Robinsons Bank
• PS Bank
• G-XChange Inc. (G-Cash)
• China Bank Savings
• Philippine Bank of Communications (extending PHP 1.00 fee due to system constraints)
• Equicom Savings Bank
Until further notice:
• Philippine National Bank
• MUFG Bank Inc.
• CTBC Bank (Philippines) Corporation
• Bank of China Limited – Manila Branch
Source: BSP Facebook Page