LIST: Banks, e-wallets that made transfers free or cheaper

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More banks and e-wallets are expected to lower their InstaPay and PESONet transfer fees in response to the latest push by the Bangko Sentral ng Pilipinas

MANILA, Philippines – Several banks and e-wallets have already lowered their InstaPay and PESONet transfer fees as the Bangko Sentral ng Pilipinas (BSP) continues to push for them to bring down digital transfer fees.

The BSP has issued Circular No. 1238, which requires BSP-supervised financial institutions to adopt “reasonable” and cost-based pricing for digital transfers by July 4.

In practice, the new rules mean that if a bank or e-wallet already allows free transfers within its own platform, any fee for sending money outside that platform should reflect only the actual “switch cost.” For InstaPay transfers, that switch cost is estimated at around P1.50. (READ: Why exactly did BPI make transfers free?)