The Bangko Sentral ng Pilipinas (BSP) anticipates that more financial institutions will soon eliminate or reduce electronic transfer charges, following the lead of two major lenders that recently waived InstaPay fees for their digital banking clients. The shift comes as the central bank’s new pricing framework officially took effect, signaling a decisive push toward a more inclusive digital payments ecosystem.
BSP Governor:
More Banks to Follow Suit
Speaking on the sidelines of a book launch in Pasay City, BSP Governor Eli Remolona Jr. confirmed that additional lenders are expected to announce similar fee waivers within the next few days. The implementation of Circular 1238, which introduced a revised pricing structure for person-to-person electronic fund transfers, served as the catalyst for this industry-wide movement.
“In about two days, we expect more banks to follow,” Remolona told reporters, responding to queries about whether the central bank anticipates broader participation following the early moves by Bank of the Philippine Islands (BPI) and Rizal Commercial Banking Corp. (RCBC).
According to the BSP chief, this trend toward lower or zero-cost transfers will significantly strengthen the country’s digital payments infrastructure. Payment systems, he explained, become exponentially more valuable when adoption widens—benefiting both consumers and participating institutions alike.
E-Wallets Join the Fee-Reduction Wave
Meanwhile, digital wallet providers GCash and Maya have also responded to the changing regulatory landscape. Both platforms have reduced their InstaPay transfer fees to other banks from P15 to P10 per transaction, aligning with the broader industry shift toward affordability.
GCash implemented its reduced rate effective yesterday, while Maya’s adjustment is scheduled to take effect on July 6. These parallel moves suggest that the fee-cut momentum is not confined to traditional banks but extends across the entire financial technology spectrum.
RCBC Unveils Tiered Fee Waiver
RCBC, for its part, has rolled out a structured waiver program designed to reward consistent digital banking usage. Starting July 4, the Yuchengco-led bank will eliminate InstaPay fees for person-to-person transfers on its RCBC Pulz platform, subject to specific conditions.
Under the new policy, RCBC Pulz customers may enjoy up to 30 free InstaPay transactions per month, provided each transfer amounts to at least P100. Once that monthly threshold is exceeded, or if the transaction falls below the minimum P100 requirement, a standard fee of P10 will apply.
However, users of DiskarTech—RCBC’s dedicated financial inclusion app—will benefit from an even more generous arrangement. All person-to-person InstaPay transfers through DiskarTech will remain entirely free, with no minimum transaction amount and no monthly cap whatsoever.
A Broader Push for Digital Inclusion
RCBC President and CEO Reginaldo Anthony Cariaso framed the initiative as part of a larger mission to democratize banking services across the Philippines.
“At RCBC, we believe the best digital innovations are those that make banking simpler, more accessible, and more affordable for every Filipino,” Cariaso said. “Offering free InstaPay transfers through both RCBC Pulz and DiskarTech reflects our commitment to delivering practical solutions that create everyday value for our customers while advancing the country’s digital transformation.”
The bank’s timely move comes on the heels of the BSP’s Circular 1238, which established a comprehensive pricing framework for person-to-person electronic fund transfers under the National Retail Payment System (NRPS).
Understanding the New BSP Pricing Framework
Under the circular, banks and payment service providers are now required to adopt pricing mechanisms that are reasonable, fair, and grounded in market realities. Importantly, these charges must be supported by a thorough analysis of the actual cost of service delivery—ensuring that fees are neither arbitrary nor excessive.
While the circular grants payment providers the flexibility to adjust transfer fees, it simultaneously enforces critical consumer safeguards. For instance, fees for interbank or cross-e-wallet transfers must not be materially higher than those for intra-institution transactions, except for legitimate switch costs directly tied to processing.
Furthermore, the BSP has mandated that electronic payment fees should remain consistently lower than manual or over-the-counter charges. The central bank also requires that recipients of person-to-person transfers receive the full amount without any deductions—a provision designed to protect end-users from hidden costs.
BPI Takes a Permanent Stance
In a parallel development, BPI has permanently waived fund transfer fees to other banks and e-wallets via both InstaPay and PESONet, effective July 1. Previously, BPI app users were charged P10 for InstaPay transactions and P50 for PESONet transfers.
Notably, transfers to other banks and e-wallets remain free for all verified VYBE users, further widening the bank’s appeal among tech-savvy customers seeking cost-effective digital banking solutions.
