Finance chief Go hopes all digital transfers be free of charge

Finance Secretary Frederick Go on Saturday expressed optimism that digital transactions—including interbank and intrabank fund movements—would eventually be free.

"I am hopeful that almost all digital transactions will soon be free of charge,” Go said in message to reporters.

The Finance chief made the remark after two major banks announced the removal of interbank transfer fees —Ayala-led Bank of the Philippine Islands permanently removed fees from transactions made through InstaPay and PESONet starting July 1, 2026 while Rizal Commercial Banking Corp. (RCBC) is set to make InstaPay transfers free starting Saturday, July 4, 2026.

Bangko Sentral ng Pilipinas Governor Eli Remolona Jr., meanwhile, said he is expecting more banks to waive interbank fund transfer fees as the central bank circular adjusting intrabank and interbank transfer fees to reflect only the actual “switch cost”—the cost of processing a transaction through a payment network—takes effect.

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 BSP issued Memorandum 2026-025 on June 17, which implements Circular 1238, which lifted the moratorium on changes to InstaPay and PESONet transaction fees.

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