More Banks Could Waive Fees Under New BSP Transfer Fee Rules
Last Updated on July 6, 2026 by Over Here Toronto
Sending money to another bank could soon cost you less—or nothing at all. New BSP transfer fee rules took effect on July 4, 2026, limiting how banks and e-money issuers can price interbank transfers.
With BPI and RCBC already announcing fee changes, the BSP expects more financial institutions to follow.So, if you’re tired of losing a few pesos every time you move your own money around, here’s what you need to know.
What Are the New BSP Transfer Fee Rules?
The new BSP transfer fee rules limit interbank transfer fees to the cost of processing the transaction through a payment network, on top of any fee charged for a same-bank transfer. Since this processing cost, known as the “switch cost,” is estimated at ₱1.50, banks offering free same-bank transfers generally should not charge more than ₱1.50 for interbank transfers.
Under BSP Circular No. 1238, the rules cover electronic fund transfers, including InstaPay and PESONet transactions.
Digital transfer fees must also be based on actual processing costs and remain lower than over-the-counter fees. The person receiving the money should get the full amount sent, with no transfer fee deducted from it.
BPI and RCBC Have Already Made Changes
Some banks have already started adjusting their fees.
BPI removed fees for InstaPay and PESONet transfers beginning July 1, 2026. RCBC also introduced free InstaPay transfers on July 4, with up to 30 free transfers per month for transactions worth at least ₱100.
There is a catch with RCBC: transfers below ₱100 or those made after the 30-transfer monthly limit are charged ₱10.
The BSP has raised concerns about conditions like these. Deputy Governor Mamerto Tangonan said an interbank transfer fee cannot be higher than the same-bank transfer fee plus the applicable switch cost.
What Does This Mean for Your Bank Transfers?
For now, the exact savings depend on which bank or e-wallet you use.
But with the new rules now in effect, more banks and e-money issuers could announce lower fees or free transfers as they update their pricing.
BSP Governor Eli Remolona Jr. said lower fees could encourage more people to use digital payment systems. The idea is simple: the more people who can easily send and receive money digitally, the more useful the system becomes.
Could Your Bank Be Next?
Possibly.
The BSP expects more financial institutions to adjust their transfer fees following the July 4 deadline. Those that do not comply could face the central bank’s usual enforcement process, starting with a warning.
For now, it’s worth checking your bank’s latest transfer fees before sending money. That ₱10 or ₱25 charge you’re used to seeing might not stick around for much longer.
Has your bank waived or lowered its transfer fees yet? Let us know in the comments.
Frequently Asked Questions
New BSP rules require the difference between same-bank and interbank transfer fees to reflect only the actual cost of processing the transaction through a payment network.
The switch cost is estimated at ₱1.50. If a bank offers free same-bank transfers, its interbank transfer fee generally should not exceed that amount under the new pricing rules.
BPI removed fees for InstaPay and PESONet transfers starting July 1, 2026. RCBC also introduced free InstaPay transfers on July 4, although limits and conditions apply.
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