LIST: Banks, e-wallets with zero or reduced transfer fees as of July 2026

The Bangko Sentral ng Pilipinas (BSP) put into effect on July 4 its Circular No. 1238, which exempts small merchants from digital payments charges to encourage wider use of cashless transactions in businesses.

It likewise mandates that all digital transaction fees remain lower than over-the-counter banking fees, be based on actual processing costs, and ensure that recipients receive the full amount sent without deductions.

The circular is the implementation of Memorandum 2026-025 dated June 17, when the BSP Monetary Board lifted the moratorium on changes to InstaPay and PESONet transaction fees.

As of July 9, 2026, the following BSP-supervised financial institutions (BSFIs) have waived and implemented zero fees for individual users:

Universal and Commercial Banks

• Security Bank Corporation - Free (PESONet and InstaPay)
• The Hongkong & Shanghai Banking Corporation - Free (PESONet)
• Bank of the Philippine Islands - Free (PESONet and InstaPay)
• Land Bank of the Philippines - Free (PESONet and InstaPay)
• Metropolitan Bank and Trust Company - Free (PESONet and InstaPay)
• Philippine National Bank - Free (PESONet and InstaPay)
• Union Bank of the Philippines - Free (PESONet and InstaPay)
• CIMB Bank Philippines Inc. - Free (PESONet) / P0.00 to P10.00 (InstaPay)
• Rizal Commercial Banking Corporation - P10.00 (PESONet) / Free (InstaPay)
• East West Banking Corporation - Free (PESONet) / P10.00 (InstaPay)

Thrift Banks

• Equicom Savings Bank, Inc. - Free (PESONet and InstaPay)
• Philippine Savings Bank - Free (PESONet and InstaPay)
• City Savings Bank, Inc. - Free (PESONet) / P10.00 (InstaPay)
• BPI Direct BanKO, Inc., A Savings Bank - P50.00 (PESONet) / P0.00 - 10.00 (InstaPay)

Rural Banks

• Bangko Mabuhay (A Rural Bank), Inc. - Free (PESONet)
• Laguna Prestige Banking Corporation, (A Rural Bank) - Free (PESONet)
• Money Mall Rural Bank, Inc. - Free (PESONet)
• Rural Bank of Angeles, Inc. - Free (PESONet)
• Rural Bank of La Paz, Inc. - Free (PESONet)
• Rural Bank of Montalban, Inc. - Free (PESONet)
• Rural Bank of Porac (Pampanga), Inc. - Free (PESONet)
• Maribank Philippines Inc. (A Rural Bank) (Formerly SeaBank Philippines Inc.) - Free (PESONet and InstaPay)
• Netbank (A Rural Bank), Inc. - Free (PESONet and InstaPay)
• Own Bank, The Rural Bank of Cavite City, Inc. - Free (PESONet and InstaPay)
• East West Rural Bank, Inc. - Free (PESONet) / P8.00 (InstaPay)

Digital Banks

• UnionDigital Bank, Inc. - Free (PESONet and InstaPay)
• GoTyme Bank Corporation - Free (PESONet) / P0.00 - 9.00 (InstaPay)
• UNObank, Inc. - Free (PESONet) / P8.00 (InstaPay)
• Maya Bank, Inc. - Free (PESONet) / P10.00 (InstaPay)

Electronic Money Issuers - NBFI

• CIS Bayad Center, Incorporated - Free (InstaPay)
• DCPAY Philippines, Incorporated - Free (PESONet) / P10.00 (InstaPay)
• USSC Money Services Incorporated - Free (PESONet) / P15.00 (InstaPay)

In the BSP summary, BDO Unibank, Inc. was classified as a "BSFI with conditional zero fees." However, on July 9, the institution announced completely free interbank transfers via InstaPay and PESONet.

For a complete list of updated bank transfer fees—including BSFIs offering conditional zero fees and waived transaction costs for corporate accounts—refer to the BSP’s official summary. —Lyjah Tiffany Bonzo/LDF, GMA News