Which Philippine Banks and e-Wallets Are Dropping Transfer Fees (And Who Isn’t)
Last Updated on July 7, 2026 by Over Here Toronto
Philippine banks and e-wallets are finally dropping transfer fees, which means sending your own money around could get a little less annoying. BPI, Landbank, UnionBank, and RCBC have all dropped some or all of their charges, while GCash and Maya have made theirs cheaper.
However, not everyone is joining the free-transfer era just yet. Some banks still charge as much as ₱25 per InstaPay transaction, while others come with limits or conditions. Here’s where the major banks and e-wallets stand right now.
BPI, Landbank & UnionBank Have Dropped Transfer Fees
Let’s start with the good news: several major Philippine banks now let customers send money without paying extra.
BPI permanently removed its InstaPay and PESONet transfer fees on July 1. The change covers transfers through its digital channels, including the BPI app, VYBE, BizKo, and BanKo.
Then, Landbank joined in on July 7. Customers can now make free InstaPay and PESONet transfers with no minimum amount or monthly quota. The change also covers Overseas Filipino Bank clients.
UnionBank made its move on the same day by dropping its ₱10 InstaPay fee. Since PESONet transfers were already free, customers can now move money to other banks without paying extra.
Finally, the list of major banks dropping fees is getting longer.
RCBC Transfers Are Free, But There’s A Catch
RCBC also cut its InstaPay fees on July 4. However, the rules depend on which app you use.
RCBC Pulz users get up to 30 free InstaPay transfers per month, as long as each transaction is at least ₱100. After that, the usual ₱10 fee applies.
Meanwhile, DiskarTech users get unlimited free InstaPay transfers with no minimum amount.
So, yes, RCBC transfers can be free. Just check the fine print first.
GCash & Maya Transfers Are Cheaper, Not Free
If you use GCash or Maya, you’re getting a discount rather than a full fee waiver.
GCash lowered its InstaPay transfer fee from ₱15 to ₱10 on July 4. Then, Maya followed on July 6 and dropped its fee to ₱10 as well.
Maya does have one extra perk, though. PESONet transfers remain free, so you can skip the fee if you don’t need the money to arrive instantly.
Basically, ₱10 is better than ₱15. But free would still be nicer.
Which Philippine Banks Still Charge Transfer Fees?
Not every bank is rushing to drop its charges.
Security Bank still charges standard customers ₱25 per InstaPay transfer, making it one of the pricier options right now.
Meanwhile, several digital banks were already ahead of the game. CIMB, UnionDigital, Tonik, UNO Digital Bank, and OwnBank offer unlimited free InstaPay and PESONet transfers.
Others give customers a set number of freebies:
- MariBank: 50 free transfers per month
- GoTyme: 15 free transfers per week
- SeaBank: 15 free transfers per week
If you move money between accounts often, those free transfers can add up fast.
Why Are Philippine Banks Dropping Transfer Fees?
The wave of fee cuts follows new pricing rules from the Bangko Sentral ng Pilipinas.
Under BSP Circular No. 1238, financial institutions must remove profit margins from interbank transfers and charge only the actual cost of processing them. After BPI announced its permanent zero-fee policy, more banks quickly followed.
For customers, the benefit is pretty simple: fewer ₱10, ₱15, and ₱25 charges every time you move money.
And honestly, it’s about time.
Which bank or e-wallet do you use most for money transfers? Let us know in the comments!
Frequently Asked Questions
Once you go over the 30 free InstaPay transfers included each month, RCBC charges its regular ₱10 fee. Transfers below the ₱100 minimum also cost ₱10.
Yes, if you use PESONet. Maya still charges ₱10 for InstaPay, but PESONet transfers remain free.
Among the major traditional banks covered here, BPI, Landbank, and UnionBank now offer some of the simplest zero-fee options. You won’t have to keep track of a weekly or monthly transfer allowance.
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