LIST: Banks with Waived InstaPay, PESOnet fees this 2021

Yay to free transfers!

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.

Carl Lamiel
Carl writes for WalasTech when he's not working full time for a national retail company in the Philippines. Give him tips and/or leads at [email protected]