BDO Unibank Inc. (BDO), China Banking Corp. (Chinabank), and East West Banking Corp. (EastWest Bank) announced the elimination of transaction fees for domestic fund transfers through the InstaPay and PESONet networks. The pricing updates follow regulatory adjustments directed by the Bangko Sentral ng Pilipinas (BSP) regarding electronic payment pricing. (Read More: List: PH Banks With Free InstaPay and PESONet Transfers After BSP Fee Rules)
Chinabank eliminated its digital transfer fees effective July 9 for transactions completed via the My CBC mobile application and My CBC Online portal. BDO implemented zero-fee transfers on Thursday across its BDO Online and BDO Pay platforms. EastWest Bank announced its fee waiver will take effect on July 15 across its digital channels.
Broader Industry Adoption
The policy updates coincide with consecutive fee eliminations by other commercial banking institutions following BSP Circular No. 1238, which lifted a five-year moratorium on electronic payment pricing. Metropolitan Bank & Trust Company (Metrobank) and its savings banking subsidiary, Philippine Savings Bank (PSBank), removed their digital transfer charges on July 9. Security Bank Corp. and Philippine National Bank (PNB) scheduled their zero-fee structures to begin on July 10.
Earlier in July, Bank of the Philippine Islands (BPI) permanently removed transaction fees on July 1. Rizal Commercial Banking Corp. (RCBC) altered its transaction pricing on July 4, followed by Land Bank of the Philippines (LANDBANK) and Union Bank of the Philippines (UnionBank) on July 7.
Digital banks and financial technology platforms have similarly implemented fee structures to lower transaction costs. MariBank Philippines Inc. removed its previous cap of 50 free monthly transactions to provide unlimited free InstaPay and PESONet bank transfers.
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This article is published on BitPinas: BDO, Chinabank, EastWest Waive InstaPay and PESONet Transfer Fees
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