Before You Transfer Money: Here's What You Need to Know About the Latest Bank Transfer Fees

If you regularly send money between banks or e-wallets, now is a good time to check the latest transfer fees. Several banks and digital wallet providers have updated their pricing in recent weeks, making it cheaper or even free to move your money.

The biggest change came from the Bank of the Philippine Islands (BPI), which announced it would permanently remove interbank transfer fees across all its digital banking platforms. Shortly after, GCash and Maya also reduced their InstaPay transfer fees, while several other banks continue to offer free transfers under certain conditions.

BPI Removes Interbank Transfer Fees
Effective July 1, 2026 BPI customers can now enjoy free InstaPay and PESONet transfers through the following digital platforms:

    BPI App
    BPI Online Banking    
    VYBE
    BanKo
    BizKo

The move completely eliminates the previous ₱10 InstaPay and ₱50 PESONet transfer fees. For customers who frequently transfer funds to other banks or e-wallets, this means one less fee to worry about. Whether you're paying bills, transferring money to family, or moving funds between accounts, the savings can add up over time.

GCash and Maya Also Lower Their InstaPay Fees
Following BPI's announcement, both GCash and Maya updated their InstaPay transfer charges. GCash has reduced its interbank InstaPay fee from ₱15 to ₱10 per transaction. Transfers between GCash users remain free.

Maya has also lowered its InstaPay transfer fee to ₱10. Meanwhile, Maya-to-Maya transfers remain free, and users can still use PESONet transfers for larger amounts when instant transfers aren't necessary.

While a ₱5 reduction may not seem like much, it's a welcome change for users who transfer money several times each week.

Other Banks Offering Free or Lower Transfer Fees

BPI, GCash, and Maya aren't the only financial institutions making digital transfers more affordable. Several traditional and digital banks have also introduced free or discounted transfer fees.

Bank / App	Transfer Fee	Conditions
BPI	FREE InstaPay & PESONet	Free transfers via the BPI App, Online Banking, VYBE, BanKo, and BizKo.
RCBC	FREE InstaPay	First 30 InstaPay transfers per month via the RCBC Pulz app. Minimum transfer amount of ₱100.
Landbank	FREE InstaPay	One free InstaPay transfer daily for transactions worth ₱1,000 and below. Otherwise, ₱8 per transaction.
GoTyme Bank	FREE InstaPay	20 free InstaPay transfers per month. ₱9 per transfer after reaching the monthly limit.
MariBank	FREE InstaPay & PESONet	Up to 50 free InstaPay and PESONet transfers every month.
CIMB Bank	FREE All External Transfers	Zero fees for all external fund transfers made through the CIMB app.
Maya	₱10 InstaPay	Reduced from ₱15. Maya-to-Maya transfers and PESONet transfers remain free.
GCash	₱10 InstaPay	Reduced from ₱15. GCash-to-GCash transfers remain free.

As more banks compete to attract digital banking users, transfer fees have steadily become more affordable compared to just a few years ago.

What's Behind These Fee Reductions?
The recent changes didn't happen by coincidence. This shift is triggered by the Bangko Sentral ng Pilipinas (BSP) Circular No. 1238, which requires banks and financial institutions to align their interbank transfer fees with the actual minimal cost of using the network switch.

The BSP has also encouraged banks and electronic money issuers to offer fair, reasonable, and lower costs for electronic fund transfers. The goal is to make digital financial services more accessible while encouraging more Filipinos to adopt cashless payments for everyday transactions.

As a result, several banks and e-wallet providers have either reduced or completely waived their transfer fees, giving consumers more affordable ways to send money electronically.

Is It Worth Switching?
If you only make the occasional bank transfer, a few pesos in savings might not make much difference.
However, for freelancers, online sellers, business owners, and users who transfer money regularly, lower fees can add up over time. It's also worth checking whether your bank offers free transfers with monthly limits or specific conditions before sending money.

For example, if your transfers qualify for BPI's free service or fall within GoTyme's or MariBank's monthly limits, you could avoid paying transfer fees altogether.

Thoughts
The latest changes show that digital banking in the Philippines is becoming more affordable. BPI's decision to eliminate transfer fees entirely has been followed by lower InstaPay charges from GCash and Maya, while several other banks continue to expand their own free transfer offerings.

If you frequently move money between banks or e-wallets, it's worth reviewing your options. Choosing the right platform could save you money throughout the year, especially if digital transfers are already part of your daily routine.

-

Subscribe to our social media channels: Facebook, Instagram, Tiktok, Twitter, and YouTube. to receive the latest news and updates.