Union Bank of the Philippines (UnionBank) will eliminate transaction fees for real-time person-to-person fund transfers through the InstaPay network starting July 7. The Aboitiz family-led lender announced the policy update through an official advisory, joining other commercial banks that have recently lowered digital transfer costs.
According to the bank, the zero-fee InstaPay feature adds to its existing lineup of complimentary digital services on the UnionBank Online application. These current zero-fee services include PESONet transactions, transfers between UnionBank accounts, utility bills payments, telco load purchases, and in-store payments via QRPh.
Industry Convergence on Transfer Fees
The fee reduction follows similar policy implementations by competing domestic commercial lenders after the Bangko Sentral ng Pilipinas (BSP) lifted its five-year moratorium on electronic fund transfer pricing via BSP Circular No. 1238.
The Bank of the Philippine Islands (BPI) permanently eliminated transaction fees for both InstaPay and PESONet transfers across its digital channels on July 1. Rizal Commercial Banking Corp. (RCBC) also adjusted its pricing structure on July 4, offering 30 free monthly InstaPay transfers on its RCBC Pulz application and unrestricted free transfers via its financial inclusion app, RCBC DiskarTech.
Regulatory and Service Conditions
The central bank’s regulatory framework allows local financial institutions operational flexibility to set transfer pricing, provided they adhere to fair, market-based pricing models that support nationwide digital retail payment adoption.
UnionBank stated that the zero-fee structure applies to transactions initiated through its online platform. Depositors are required to use the latest version of the UnionBank Online application to utilize the updated transaction rates.
Listen to our latest episode
This article is published on BitPinas: UnionBank Waives InstaPay Person-to-Person Transfer Fees Starting July 7
What else is happening in Crypto Philippines and beyond?
No Comment! Be the first one.