UPDATED — The Bangko Sentral ng Pilipinas (BSP) has posted an updated list of financial institutions that will offer waived InstaPay and PESOnet fees this 2021.
In a post on its official Facebook page, the government central bank has listed the banks that are said to continue their offering of waived charges for bank-to-bank transfers until March 31, 2021. Below is the list:
- Asia United Bank
- Binangonan Rural Bank
- China Bank Savings
- China Banking Corporation (Chinabank)
- CTBC Bank (Philippines) Corporation *InstaPay only
- East West Rural Bank *InstaPay only
- Equicom Savings Bank
- GPay
- Land Bank of the Philippines
- Metrobank
- Philippine Bank of Communications (PBCom) *PHP 1 fee for InstaPay
- Philippine National Bank
- Philippine Veterans Bank
- Philippine Savings Bank (PSBank)
- Robinsons Bank *PHP 1 fee for InstaPay/PESOnet
- Security Bank
- Sterling Bank of Asia
- Union Bank of the Philippines
Meanwhile, these banks will offer InstaPay until January 31, 2021 only:
- AllBank
- Cebuana Lhuillier Rural Bank
- East West Bank *InstaPay only
- RCBC (Online Banking only)
We should also note that more banks are offering their extensions until the end of the year (Dec 31, 2021):
- CIMB Bank Philippines
- Citibank
- CTBC Bank (Philippines) Corporation *PESOnet only
- Development Bank of the Philippines
- East West Bank *PESOnet only
- East West Rural Bank *PESOnet only
- HSBC
- HSBC Savings Bank
- ING Bank, N.V
- RCBC (via DiskarTech mobile app)
The BSP is also clarifying that this applies to Pesonet and Instapay fees by inter-bank transactions of the respective banks’ and money apps’ retail clients. Charges for corporate clients may still apply. InstaPay allows a user to instantaneously transfer money to a nominated eWallet or bank account at any given time, with a P50,000 daily limit. PESOnet offers bigger amounts of transfer but follows a cutoff time to reflect on same-day transactions.
