#digital fund transfer fees Philippines

The Bangko Sentral ng Pilipinas (BSP) clarified that it never required banks and e-wallets to waive digital fund transfer fees, despite issuing Circular No. “Compliance does not require zero fees, nor does it limit off-us P2P electronic fund transfer fees to switch cost alone, and FAQ No. UnionBank has removed transaction fees for person-to-person fund transfers made through InstaPay, with the new policy taking effect today, July 7, 2026. With this change, UnionBank joins other commercial banks in the Philippines that have also removed fees for real-time digital fund transfers. More banks in the Philippines have been removing InstaPay transfer fees as digital banking services continue to become more competitive. The Land Bank of the Philippines (LandBank) will stop charging fees for InstaPay and PESONet transfers starting July 7, 2026. LandBank is among the banks that have recently announced free interbank fund transfers as more financial institutions continue to expand their digital banking services. Bank of the Philippine Islands (BPI) will permanently remove transfer fees for InstaPay and PESONet transactions made through its digital banking platforms starting July 1. Read more in our articles including "BSP clarifies bank transfers need not be free" and "BDO waives InstaPay, PESONet transfer fees".