If it feels like every bank suddenly started waiving transfer fees this month, you’re not imagining it. In the span of just over a week, 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 (or, in some cases, racing to look good) ever since.
If you want the full story on the first two banks that kicked this off, I 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 |
| 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 |
A few digital banks were already ahead of the curve and never charged for this in the first place: CIMB Bank Philippines, 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 |
| 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, so don’t be surprised if this gets adjusted (hopefully upward) in the coming weeks.
Quick Math: How Much Are You Actually Saving?
If you used to transfer money 4–5 times a month at the old ₱15–25 InstaPay rate, that’s roughly ₱60–125 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.
Blogger’s Corner
Honestly, this whole thing snowballed faster than I expected. BPI made the first move on July 1, and by July 9, we already had BDO, Metrobank, LandBank, UnionBank, and PNB all jumping on the zero-fee train. That’s basically every major bank in the country falling in line within a week and a half.
Credit where it’s due — BSP Circular 1238 clearly did what it was designed to do. Once BPI went to zero, no other big bank could really afford to look like the one still charging ₱25 just to send money.
That said, this list is moving fast, and I mean fast. Some of these waivers (like PNB and Security Bank) haven’t even kicked in yet as I’m writing this. If you’re reading this a few weeks from now, double-check your bank’s app directly before assuming your old fee still applies — or better yet, bookmark this page, since I’ll be updating it as things settle.
If your bank still isn’t on this list, it might be worth asking them why — or just moving your everyday transfers to one that already is.
Disclaimer: Terms, limits, and fees may change without notice. Always verify current rates through your bank’s official app or website before transacting.