#fund transfer

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. 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. 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. Read more in our articles including "UnionBank removes InstaPay transfer fees" and "LandBank to remove InstaPay and PESONet transfer fees starting July 7".