Maya to lower InstaPay transfer fee to P10 effective July 6, 2026

Digital bank Maya announced Saturday it is lowering its InstaPay transfer fee to other banks.

In an advisory, Maya said the fee for InstaPay, for real-time bank transfers, will be reduced to P10 from P15.

The adjusted InstaPay fee will take effect on July 6, 2026 and will be reflected in the Maya app.

Meanwhile, Maya-to-Maya transfers and PESONet transfers, for large transactions usually credited on the next banking day, remain free for customers.

"With this update, customers who need real-time transfers to other banks can send money at a lower fee," the bank said.

"Customers can also continue sending money instantly to other Maya users for free, or use PESONet for free bank transfers subject to standard processing schedules," it said.

Maya said the move supports continuing effort to make digital money movement "simple, accessible, and affordable for more Filipinos, with free and lower-cost transfer options for everyday use."

Two major banks had announced the removal of interbank transfer fees: Ayala-led Bank of the Philippine Islands permanently removed fees from transactions made through InstaPay and PESONet starting July 1, 2026, while Rizal Commercial Banking Corp. (RCBC) said it would make InstaPay transfers free starting Saturday, July 4, 2026.

Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. earlier said he is expecting more banks to waive interbank fund transfer fees as the central bank circular adjusting intrabank and interbank transfer fees to reflect only the actual "switch cost"—the cost of processing a transaction through a payment network—takes effect.

The "switch cost" is estimated at P1.50, meaning banks that already have intrabank transfers free can only charge up to P1.50 for interbank transfers.

The BSP issued Memorandum 2026-025 on June 17, which implements Circular 1238, which lifted the moratorium on changes to InstaPay and PESONet transaction fees.

It mandates that all digital transaction fees be based on actual processing costs, remain lower than over-the-counter banking fees, and ensure that recipients receive the full amount sent without deductions. — VDV, GMA News