Updated August 18, 2026: Added AUB, Philippine Savings Bank, and City Savings Bank to the fully-free list. Flagged a conflict in EastWest Bank’s terms between our original source and BSP’s own disclosure, verify directly if EastWest is your bank.
If it feels like every bank suddenly started waiving transfer fees this year, you’re not imagining it. Since July, most of the country’s biggest banks have gone from charging ₱10 to ₱50 per transfer to charging nothing at all.
Here’s the full rundown of who’s already free, who’s partially free, and who’s still charging, updated as of today.
Why Is This Happening All at Once?
Short answer: BSP Circular No. 1238.
The Bangko Sentral ng Pilipinas issued this circular on June 17, 2026, lifting a long-standing moratorium on InstaPay and PESONet fee changes. The rule requires banks to price interbank transfers “reasonably,” meaning a transfer to another bank shouldn’t cost much more than a transfer within the same bank. The only difference allowed is the actual “switch cost,” which BSP pegs at around ₱1.50.
The circular took effect July 4, 2026, and banks have been racing to comply ever since.
If you want the full story on the first two banks that kicked this off, we already covered them separately:
This post rounds up everyone else who’s joined since.
Banks With Fully Free InstaPay and PESONet Transfers
These banks have removed fees completely, no monthly caps, no minimum amounts.
| Bank | Effective Date | Old Fees |
|---|---|---|
| BPI | July 1, 2026 | ₱10 (InstaPay) / ₱50 (PESONet) |
| LANDBANK (+ Overseas Filipino Bank) | July 7, 2026 | ₱8–15 (InstaPay) / ₱15–50 (PESONet) |
| UnionBank | July 7, 2026 | ₱10 (InstaPay); PESONet was already free |
| Metrobank (+ PSBank) | July 9, 2026 | ₱8 (InstaPay) / ₱50 (PESONet) |
| BDO | July 9, 2026 | ₱10–50 depending on platform |
| Chinabank | July 9, 2026 | Standard InstaPay/PESONet fees, via My CBC app and My CBC Online |
| PNB | July 10, 2026 | Standard InstaPay/PESONet fees |
| Security Bank | July 10, 2026 | Up to ₱25 for regular clients |
| MariBank (formerly SeaBank) | July 9, 2026 | Previously capped at 50 free transfers/month, ₱15 after |
| AUB (Asia United Bank) | Confirmed free; exact effective date not specified in available sources | Previously standard fees |
| Philippine Savings Bank | Confirmed free (PESONet and InstaPay) | — |
| City Savings Bank | Free (PESONet) / ₱10 (InstaPay) | — |
A few digital banks were already ahead of the curve and never charged for this in the first place: UnionDigital Bank, Tonik, UNO Digital Bank, and OwnBank.
Banks With Partial or Conditional Free Transfers
These banks lowered fees or offer free transfers, but with limits worth knowing about.
| Bank/App | What’s Free | The Catch |
|---|---|---|
| RCBC Pulz | Up to 30 free InstaPay transfers/month | ₱100 minimum per transfer; ₱10 fee after the cap |
| RCBC DiskarTech | Unlimited free InstaPay | None, fully free |
| CIMB Bank Philippines | 2 free InstaPay transfers per day; PESONet fully free | Fee applies once you go over the 2 daily InstaPay transfers |
| GCash | InstaPay lowered to ₱10 (from ₱15) | Not fully free yet |
| Maya | InstaPay lowered to ₱10 (from ₱15) | Maya-to-Maya and PESONet already free |
| GoTyme | 20 free InstaPay transfers/month | ₱9 after the cap |
Note: BSP has already flagged RCBC’s Pulz cap as “not compliant” with the circular. No adjustment has been confirmed yet, so this could still change.
EastWest Bank: Conflicting Information
Our original source indicated EastWest offers free transfers only for customers maintaining a ₱2,000 minimum average daily balance, effective July 15, 2026. However, BSP’s own July 10 disclosure lists EastWest simply as free for PESONet, with a flat ₱10 InstaPay fee, no balance condition mentioned at all.
We can’t reconcile these two accounts as of this writing. If EastWest is your primary bank, we’d recommend checking your app directly rather than relying on either figure here. We’ll update this section once we can confirm which is accurate.
Quick Math: How Much Are You Actually Saving?
If you used to transfer money 4 to 5 times a month at the old ₱15–25 InstaPay rate, that’s roughly ₱60 to ₱125 a month, or ₱720 to ₱1,500 a year, just to move your own money around. For OFWs, freelancers, or anyone splitting bills or sending allowance regularly, the savings add up fast.
FAQs
Does BSP Circular 1238 require all banks to make transfers free?
No. The circular only requires that interbank fees not be “materially different” from intrabank fees, with the allowed difference limited to the actual switch cost (around ₱1.50). Banks that made transfers fully free, like BPI, went beyond what’s required.
Is RCBC’s free InstaPay through Pulz enough to comply with the circular?
Not according to BSP. Deputy Governor Mamerto Tangonan has already flagged the 30-transaction monthly cap as “not compliant,” so this could change soon.
Will more banks join this list?
Very likely. This list has grown steadily since July, and BSP has publicly said it expects continued compliance across the sector, so we’ll keep updating this page as things settle.
What’s the difference between InstaPay and PESONet?
InstaPay is for real-time transfers, usually credited within minutes, with a per-transaction cap. PESONet is for larger transfers that get processed within the same or next banking day, with no cap on the amount.
Blogger’s Corner
Grabe, hindi pa rin tapos ang kwento ng free transfers kahit isang buwan na simula noong huling update namin dito. Dumating pa si AUB, may mga smaller banks na sumali rin, at may conflicting info pa kami tungkol kay EastWest na kailangan pa i-verify. Kung gagamit kayo ng EastWest, i-check niyo muna sa app niyo mismo bago mag-assume.
Overall, malaking win pa rin ito para sa mga regular na nagpapadala ng pera sa iba’t ibang bangko. Kung ang bangko niyo ay wala pa rin dito sa listahan, worth asking kung bakit, o baka panahon na para lumipat sa isang bangkong libre na.
This article is for general informational purposes only. Terms, limits, and fees may change without notice. Always verify current rates through your bank’s official app or website before transacting.
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