Metrobank and its thrift subsidiary Philippine Savings Bank have eliminated fees for online interbank fund transfers, effective July 9, as part of a broader effort to reduce digital transaction costs.
Metrobank now offers free transfers through its mobile app and online channels via InstaPay, with a daily aggregate limit of P100,000 and a maximum of P50,000 per transaction. PESONet transfers are also free, capped at P200,000 per day. Previously, the bank charged P8 for InstaPay and P50 for PESONet transactions.
Philippine Savings Bank has similarly waived fees for interbank transfers conducted through its mobile and online platforms. The bank allows up to P200,000 daily through PESONet and up to P50,000 per day via InstaPay. Earlier fee structures required P10 for InstaPay and P50 for PESONet transfers.
InstaPay operates as a real‑time electronic fund transfer service for amounts up to P50,000, primarily serving retail transactions. PESONet processes higher‑value transfers in batch settlements, providing an electronic alternative to paper checks.
The fee waiver aligns with the central bank’s recent regulatory change that mandates reasonable, market‑based pricing for individual fund transfers. The new circular, effective July 4, requires that charges for person‑to‑person transfers between different institutions not differ materially from those for same‑institution transfers.
The regulation emphasizes that on‑us and interbank transfers use identical infrastructure and incur comparable operational costs, with the only permissible pricing variation being the network switch fee applied to off‑us transactions.
By lowering transfer fees, the central bank aims to enhance the interoperability of the digital payments ecosystem and increase overall usage. The target is for digital payments to account for 60 % to 70 % of retail payment volume by 2028, supporting the national development plan.
