List of banks with waived transfer fees till Dec 31, 2023

Bangko Sentral ng Pilipinas (BSP) has revealed the updated list of banks and e-money firms with waived PESONet and InstaPay fees for 2023.

For those unaware, using PESONet and InstaPay services allows you to transfer funds instantly, but they often come with interbank charges.

InstaPay is an electronic fund transfer (EFT) payment system that allows individuals to send money across banks in real time.

Meanwhile, PESONet is a convenient way for people, businesses, and government agencies to send money and make regular payments to banks supervised by the BSP within one to two banking days.

Below is the updated list of banks in the Philippines with waived transaction fees for 2023.

Here's the list of banks and e-money firms with waived InstaPay fees for 2023:

Until November 11, 2023

• Union Bank of the Philippines (For transactions worth PHP 1,000 and below)

Until December 31, 2023

• Bank of the Philippine Islands (For transactions up to PHP 1,000 using the BPI mobile app)
• BPI Direct BanKO Inc. (PHP 0 for transactions PHP 1,000 and below; PHP 25 for PHP 1,001 and above)
• CIMB Bank Philippines
• GoTyme Bank Corp. (The first three transactions every week are free, PHP 8 per transaction after)
• Land Bank of the Philippines (Free online fund transfers for the first three transactions worth PHP 1,000 and below per day)
• Maya Bank, Inc.
• Metropolitan Bank and Trust Company (Free for transactions worth PHP 1,000 and below, using Metrobank Online and Metrobank App)
• Rural Bank of Guinobatan
• SeaBank Philippines, Inc. (The first fifteen transactions every week – InstaPay and PESONet combined – are free, PHP 15 per transaction after)
• Tonik Digital Bank, Inc.

Here's the list of banks and e-money firms with waived PESONet fees until December 31, 2023:

• BPI Direct BanKO. Inc., A Savings Bank (retail)
• Country Builders Bank, Inc.
• CIMB Bank Philippines
• East West Bank
• GoTyme Bank Corporation
• HSBC (retail clients)
• HSBC Savings Bank (retail clients)
• Land Bank of the Philippines (Free online fund transfers for the first three transactions worth PHP 1,000 and below per day)
• Maya Bank, Inc.
• PayMongo Payments, Inc.
• Philippine Business Bank, Inc.
• Rural Bank of Guinobatan
• SeaBank Philippines, Inc. (The first fifteen transactions every week – InstaPay and PESONet combined – are free, PHP 15 per transaction after)
• Tonik Digital Bank, Inc.
• Union Bank of the Philippines (retail clients)

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What can you say about the updated list of banks and e-money issuers with waived PESONet and InstaPay fees? You can leave your comment below.

Via Bangko Sentral ng Pilipinas/Facebook