LandBank to waive InstaPay, PESONet fees starting July 7, 2026

State-run Land Bank of the Philippines (LandBank) will stop collecting interbank transfer fees starting Tuesday, July 7, 2026, allowing its clients—including those of Overeas Filipino Bank—to send money at no cost.

In an advisory, LandBank said it will waive InstaPay and PESONet transfer fees, and fees for retail transactions or person-to-government transactions through QRPh.

“By expanding our zero-free digital framework from government payments to everyday retail transfers, we want to ensure that our banking services directly uplift our workers, small business owners, and overseas Filipinos,” LandBank president and chief executive officer Lynette Ortiz said.

“Our focus remains on keeping our platforms secure, reliable, and accessible to everyone, helping our clients stay connected to their families and businesses without the burden of extra costs,” she added.

Under the BSP’s Circular 1238 that takes effect Saturday, July 4, any difference betwen intrabank and interbank transfers fees should reflect only the actual “switch cost”—the cost of processing a transaction through a payment network.

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.

Among the banks that have already announced the removal of interbank transfer fees are Ayala-led BPI, which permanently removed fees from transactions made through InstaPay and PESONet starting July 1, 2026; and Rizal Commercial Banking Corp. (RCBC), which made InstaPay transfers free starting July 4.

RCBC, however, has set a limit of 30 free transfers per month with a minimum of P100. It will charge P10 once the monthly limit is reached, or if transactions fall below the amount.

“We said that’s not compliant…. All we say is that whatever you charge, the price of your off-us [interbank] transaction must be the same as your on-us [intrabank]. It cannot be more than your on-us price plus the switch fee,” BSP Deputy Governor Mamerto Tangonan said.

InstaPay, an electronic fund transfer (EFT) payment system that enables individuals to wire funds across banks in real time, was launched by the Bangko Sentral ng Pilipinas (BSP) in 2018. — BM, GMA News