#electronic fund transfer fees

Now, in a new draft circular, the BSP is seeking feedback from stakeholders on a plan to make person-to-person electronic fund transfers and micro-merchant payments entirely free of charge. Current InstaPay fees for individual transactions range from as low as Php8 up to Php75, while PESONet transfers could cost between Php8 and Php600 for consumers. While the central bank yet to specify the exact maximum amounts, it has indicated that personal fund transfers should not exceed 10 times a week. The company has removed InstaPay transfer fees on its RCBC DiskarTech app. 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. According to a report by InsiderPH, the free fund transfers will be available through the BPI mobile app, BPI Online web platform, VYBE e-wallet, and BizKo, the bank's digital banking app for small businesses. Customers will be able to transfer money to other banks and supported e-wallets without paying fees using either InstaPay for real-time transfers or PESONet for batch fund transfers. BPI said the move also supports the Bangko Sentral ng Pilipinas' push for financial institutions to adopt fair and market-based pricing for person-to-person electronic fund transfers. Read more in our articles including "BSP eyes zero-fee electronic fund transfers, payments to MSMEs" and "RCBC to remove InstaPay transfer fees on Pulz, DiskarTech".