EastWest Bank waives transfer fee to other banks

EastWest Bank announced on Thursday that it will waive cash transfers made through InstaPay and PESONet starting July 15, 2026, joining other banks that have waived transfer fees in line with the latest regulations by the Bangko Sentral ng Pilipinas (BSP).

“Whether you're managing your finances across different institutions, sending money to loved ones, or making payments, EastWest makes transfers easier and more affordable with zero fees, starting July 15,” said EastWest Bank in a Facebook post.

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.

EastWest Bank’s announcement on the same day that Security Bank, BDO Unibank Inc., and Metrobank announced free interbank transfers made through InstaPay and PESONet .

Other banks have already waived their fees, or have announced that they would waive fees, like Bank of the Philippine Islands (BPI) from July 1, Land Bank of the Philippines (LandBank) effective July 7, and 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.

Meanwhile, mobile wallet operators GCash and Maya have reduced their interbank bank transfer fees to P10, even as their intrabank transfers are free. — Vince Angelo Ferreras/BM, GMA News