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

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?)

Here is the list of banks that have lowered or eliminated their person-to-person transfer fees in response to the BSP circular:

• Landbank – InstaPay transfers now cost P8, down from P15. Landbank also offers one free InstaPay transfer per day for transactions amounting to P1,000 and below.
• BPI – InstaPay and PESONet transfers now free, from P10 for InstaPay and P50 for PESONet via the BPI app, Effective July 1.
• RCBC – InstaPay transfers via RCBC Pulz now free for up to 30 transactions monthly, with a P100 minimum; fee is P10 after the cap or below the minimum. RCBC’s previous Pulz promo fee was P10, with a regular fee of P25 after the promo period. DiskarTech transfers remain free and unlimited. Effective July 4.
• Maya – InstaPay transfers to other banks now P10, from P15. Maya-to-Maya and PESONet transfers remain free. Effective July 6.
• GCash – InstaPay transfers now P10, from P15. Effective July 4.

The BSP is also not expecting banks to simply put limits on “free” transfers. BSP Deputy Governor Mamerto Tangonan said the regulator has already spoken to RCBC, noting that limiting the free transfers to 30 a month was “not compliant.” (READ: RCBC made InstaPay transfers free, with conditions. BSP isn’t impressed.)

BSP Governor Eli Remolona has told the media that he expected more banks to follow within the next few days.

Some banks and e-wallets already had free or waived transfer fees even before the latest fee-cutting wave.

Based on BSP disclosures as of May 31, institutions with zero-peso or waived fees included UnionDigital Bank, Equicom Savings Bank, OwnBank, and CIS Bayad Center for InstaPay, while CIMB Bank Philippines, EastWest, HSBC, UnionBank, GoTyme, Maya Bank, and UnionDigital Bank were listed among those with free or waived PESONet fees.

Others offered conditional free transfers, such as GoTyme with 20 free InstaPay transfers monthly and SeaBank/Maribank with 15 free combined PESONet and InstaPay transfers weekly. – Rappler.com