PNB to waive InstaPay, PESONet fees starting July 10, 2026

The Philippine National Bank (PNB) will stop collecting interbank transfer fees starting Friday, July 10, adding to a growing list of financial technology firms that have waived InstaPay and PESONet fees following regulations implemented by the Bangko Sentral ng Pilipinas (BSP).

In an advisory, PNB said it would waive InstaPay and PESOnet transfer fees to all domestic banks and e-wallets through its mobile banking app PNB Digital.

"As we celebrate PNB's 110th anniversary, we want to give back to the customers who have placed their trust in us through the years," PNB president and chief executive officer Edwin Bautista said.

"Waiving transfer fees is one way we can make banking more convenient and help more Filipinos move their money with greater ease and confidence. It reflects our continuing commitment to accessible, inclusive, and customer-centered banking," he added.

Under the BSP's Circular 1238 that took effect on Saturday, July 4, any difference between 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.

The Bank of the Philippine Islands (BPI) has already waived InstaPay and PESONet transfer fees starting July 1, while the Land Bank of the Philippines (LandBank) did so effective Tuesday, July 7.

Rizal Commercial Banking Corp. (RCBC) has also waived InstaPay transfer fees through its online banking application Pulz, but this is only for the first 30 InstaPay transfers per month with a minimum of P100 per transaction. It will charge P10 once the monthly limit is reached, or if transactions fall below the minimum amount.

Mobile wallet operators GCash and Maya have reduced their interbank bank transfer fees to P10, even as their intrabank transfers are free.

For its part, the BSP is set to hold a meeting with several banks and financial institutions this week to discuss compliance with the circular.

"Reading the circular, kung gusto mong P10 (ang interbank), P8.50 dapat 'yung transfer mo to same bank or we call on-us. We invited them to come over to have a discussion. Gusto ko lang maintindihan kung bakit," BSP Deputy Governor Mamerto Tangonan told reporters in Manila City on Monday.

(Reading the circular, if a P10-interbank charge is sought, the transfer to the same bank should be P8.50 or we call on-us. We invited them to come over to have a discussion. I want to understand why.)

— VDV, GMA News