Security Bank makes interbank transfers free

Security Bank Corp. will waive fund transfers for all customers starting Friday, July 10, 2026, following rules released by the Bangko Sentral ng Pilipinas (BSP) to cap interbank transfer fees to just the "switch cost."

In an advisory, Security Bank said free fund transfers—previously offered only to its Wealth, Corporate, and Business clients—will be available for all customers.

"As we celebrate 75 years of serving Filipinos, we're continuing to make everyday banking easier for our clients," Security Bank President and Chief Executive Officer Victor Lee said.

"BetterBanking means finding practical ways to deliver greater value. By extending free fund transfers to all customers, we're making a benefit many of our clients already enjoy available to everyone," he added.

Under BSP 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.

Metropolitan Bank & Trust Co. (Metrobank) earlier on Thursday announced the removal of transfer fees for both InstaPay and PESONet.

The Bank of the Philippine Islands (BPI) has already waived InstaPay and PESONet transfer fees starting July 1, the Land Bank of the Philippines (LandBank) effective Tuesday, July 7, and the Philippine National Bank starting July 10.

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 earlier this week said it will 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 said.

(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