Philippine Savings Bank (PSBank) has eliminated transaction fees for domestic fund transfers via the InstaPay and PESONet networks effective July 9, 2026. The thrift bank branch of the Metrobank Group announced the policy through an official advisory, stating that the zero-fee structure applies to transactions processed through the PSBank Mobile and Online banking platforms. (Read More: List: PH Banks With Free InstaPay and PESONet Transfers After BSP Fee Rules)
Wave of Industry Fee Waivers
PSBank’s decision follows a sequence of digital transfer fee adjustments by local commercial and state-run banking institutions. The structural shift across the industry comes after the BSP implemented Circular No. 1238, which lifted a five-year freeze on electronic retail payment pricing.
Bank of the Philippine Islands (BPI) initiated the sector-wide trend by permanently removing fees for both InstaPay and PESONet digital transfers on July 1. Rizal Commercial Banking Corp. (RCBC) updated its transaction structure on July 4, allowing 30 free monthly InstaPay transfers via RCBC Pulz and uncapped free transfers through its financial inclusion app, RCBC DiskarTech.
Other domestic lenders implemented similar policy adjustments earlier in the week. State-run Land Bank of the Philippines (LANDBANK) and Union Bank of the Philippines (UnionBank) removed retail online fund transfer fees on July 7.
Metropolitan Bank & Trust Company (Metrobank) also eliminated its InstaPay and PESONet fees on July 9. Meanwhile, Philippine National Bank (PNB) announced that it will waive transaction fees for domestic transfers via the PNB Digital app starting July 10.
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