Grab Philippines has announced that it will start charging fees for InstaPay transfers beginning this month.
As announced on their Facebook page, the superapp will charge a standard PHP 15 fee for all InstaPay transfers. They noted that this is still subject to approval by the Bangko Sentral ng Pilipinas, and will be implemented beginning June 18.
Subject to BSP approval, an additional PHP 15 transfer fee will be applied on all InstaPay transactions from GrabPay to other banks and e-wallets. Users may still send to other GrabPay wallets free of charge.
Grab Philippines, 3 June 2022, Facebook
Grab is one of the few remaining digital finance services offering free fund transfers to other banks or eWallets through InstaPay. The inter-bank service allows for real-time fund transfers with limits of up to PHP 50,000 per transaction.