BDO says InstaPay, PESONet transfers now free

BDO Unibank Inc., the country’s largest bank, on Thursday announced the free interbank transfers made through InstaPay and PESONet, adding to a growing list of banks that have waived such fees in line with regulations recently released by the Bangko Sentral ng Pilipinas (BSP).

In an advisory posted on its website, BDO said InstaPay and PESONet transfers are now free on BDO Online and BDO Pay.

Under BSP Circular 1238, which took effect on Saturday, July 4, any difference between intrabank and interbank transfer 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.

BDO remained the country’s biggest bank in the Philippines in terms of total assets as of the first quarter of 2026, with P5.530 trillion.

The Sy-led lender reported a P20.1-billion net income during the quarter, reflecting a 2% growth from the P19.7 billion in the same quarter last year.


Metropolitan Bank & Trust Co. (Metrobank) and Security Bank Corp. 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. —LDF, GMA News