List of Banks with Free InstaPay and PESONet Transfer Fees, According to Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas has published an updated list of banks and financial institutions offering free or conditionally free InstaPay and PESONet fund transfers to individual clients as of July 17, 2026.
- More Free Transfers: Major Philippine banks, thrift banks, rural banks, digital banks, and electronic money issuers are now offering zero-fee InstaPay or PESONet transfers based on their latest disclosures to the Bangko Sentral ng Pilipinas.
- Check Conditions: Most institutions on the list have waived their fees completely, while selected providers impose transaction allowances, value-based tiers, promotional deadlines, or charges after a free-transfer limit is reached.
- Everyday Savings: Choosing an account with free interbank transfers can help Filipino consumers, freelancers, entrepreneurs, and families avoid recurring fees when moving money between financial platforms.
Sending money from one bank to another has become more affordable for many Filipinos following the expansion of zero-fee electronic fund transfer services across the Philippine financial sector.
The Bangko Sentral ng Pilipinas has released an updated list of BSP-Supervised Financial Institutions that offer waived, zero-peso, or conditionally free InstaPay and PESONet transactions for individual clients. Based on disclosures extracted on July 17, 2026, the list covers universal and commercial banks, thrift banks, rural banks, digital banks, and electronic money issuers.
This information can be particularly useful for customers who frequently move money between accounts, send allowances, receive freelance payments, pay suppliers, or transfer funds to digital banking and payment platforms.
Although a transfer charge of PHP 5, PHP 10, or PHP 25 may seem relatively small, these fees can accumulate quickly when a customer performs multiple transactions every week. Knowing which institutions offer free transfers can therefore lead to meaningful savings over time.
What Are InstaPay and PESONet?
InstaPay and PESONet are electronic fund transfer services that allow customers to send money between participating banks and financial institutions.
InstaPay is designed for near real-time transactions, making it suitable for urgent payments, allowances, online purchases, reimbursements, and everyday money transfers. Funds are generally credited to the receiving account shortly after a successful transaction.
PESONet, meanwhile, is generally used for non-urgent and potentially larger transfers. Transactions are processed in batches based on applicable schedules, making the service useful for payroll, supplier payments, business transactions, and moving savings between accounts.
Banks and Financial Institutions With Free InstaPay Transfers
The following institutions disclosed waived or zero-peso InstaPay transfer fees for individual customers. The table also includes conditional arrangements and time-limited promotions identified in the BSP publication.
| Bank or Financial Institution | Remarks |
|---|---|
| Universal and Commercial Banks | |
| Asia United Bank Corporation | Free effective July 20, 2026 |
| Bank of Commerce | Free effective July 17, 2026 |
| Bank of the Philippine Islands | Free effective July 1, 2026 |
| BDO Unibank, Inc. | Free effective July 9, 2026 |
| China Banking Corporation | Free effective July 9, 2026 |
| CTBC Bank (Philippines) Corporation | Free effective July 15, 2026 |
| East West Banking Corporation | Free effective July 15, 2026 |
| Land Bank of the Philippines | Free effective July 7, 2026 |
| Metropolitan Bank and Trust Company | Free effective July 9, 2026 |
| Philippine National Bank | Free effective July 10, 2026 |
| Philippine Trust Company | Free effective July 15, 2026 |
| Rizal Commercial Banking Corporation | Free effective July 4, 2026 |
| Security Bank Corporation | Free effective July 10, 2026 |
| Union Bank of the Philippines | Free effective July 7, 2026 |
| Thrift Banks | |
| AllBank (A Thrift Bank), Inc. | Free effective July 9, 2026 |
| China Bank Savings, Inc. | Free effective July 10, 2026 |
| Equicom Savings Bank, Inc. | Free |
| Philippine Savings Bank | Free effective July 9, 2026 |
| Rural Banks | |
| East West Rural Bank, Inc. | Free effective July 15, 2026 |
| Own Bank, The Rural Bank of Cavite City, Inc. | Free |
| Maribank Philippines Inc. (A Rural Bank), formerly SeaBank Philippines Inc. | Free effective July 10, 2026 |
| Netbank (A Rural Bank), Inc. | Free until July 31, 2026; PHP 5 thereafter |
| Digital Bank | |
| UnionDigital Bank, Inc. | Free |
| Electronic Money Issuers | |
| CIS Bayad Center, Incorporated | Free |
| ShopeePay Philippines, Incorporated | Free effective July 10, 2026 |
| Conditional Zero-Fee InstaPay | |
| CIMB Bank Philippines Inc. | First two transactions are free; PHP 10 per transaction thereafter |
| BPI Direct BanKO, Inc., A Savings Bank | Value-based tiering is assumed |
| GoTyme Bank Corporation | 20 free transfers per month; PHP 9 beginning with the 21st transfer |
Customers should pay close attention to the remarks column. While most of the listed institutions offer fully waived InstaPay charges, some arrangements remain promotional or subject to transfer limits. Netbank, for example, was listed as free only until July 31, 2026, with a PHP 5 charge thereafter.
CIMB Bank Philippines provides its first two transactions for free before charging PHP 10 per succeeding transfer. GoTyme Bank, meanwhile, offers 20 free transfers every month before applying a PHP 9 fee beginning with the 21st transaction.
Banks and Financial Institutions With Free PESONet Transfers
The BSP list contains an even broader selection of institutions offering waived PESONet transfer fees. These include several of the country's largest banks alongside thrift banks, rural banks, digital banks, and non-bank electronic money issuers.
| Bank or Financial Institution | Remarks |
|---|---|
| Universal and Commercial Banks | |
| Asia United Bank Corporation | Free effective July 20, 2026 |
| Bank of Commerce | Free effective July 17, 2026 |
| Bank of the Philippine Islands | Free effective July 1, 2026 |
| BDO Unibank, Inc. | Free effective July 9, 2026 |
| China Banking Corporation | Free effective July 9, 2026 |
| CIMB Bank Philippines Inc. | Free |
| CTBC Bank (Philippines) Corporation | Free effective July 15, 2026 |
| East West Banking Corporation | Free |
| Land Bank of the Philippines | Free effective July 7, 2026 |
| Metropolitan Bank and Trust Company | Free effective July 9, 2026 |
| Philippine National Bank | Free effective July 10, 2026 |
| Philippine Trust Company | Free effective July 15, 2026 |
| Philippine Veterans Bank | Free effective July 14, 2026 |
| Rizal Commercial Banking Corporation | Free effective July 10, 2026 |
| Security Bank Corporation | Free effective July 10, 2026 |
| The Hongkong and Shanghai Banking Corporation | Free |
| Union Bank of the Philippines | Free |
| Thrift Banks | |
| AllBank (A Thrift Bank), Inc. | Free effective July 9, 2026 |
| China Bank Savings, Inc. | Free effective July 10, 2026 |
| City Savings Bank, Inc. | Free |
| Equicom Savings Bank, Inc. | Free |
| Philippine Savings Bank | Free effective July 9, 2026 |
| Rural Banks | |
| Bangko Mabuhay (A Rural Bank), Inc. | Free |
| East West Rural Bank, Inc. | Free |
| Laguna Prestige Banking Corporation (A Rural Bank) | Free |
| Maribank Philippines Inc. (A Rural Bank), formerly SeaBank Philippines Inc. | Free effective July 10, 2026 |
| Money Mall Rural Bank, Inc. | Free |
| Netbank (A Rural Bank), Inc. | Free until July 31, 2026; PHP 5 thereafter |
| Own Bank, The Rural Bank of Cavite City, Inc. | Free |
| Rural Bank of Angeles, Inc. | Free |
| Rural Bank of La Paz, Inc. | Free |
| Rural Bank of Montalban, Inc. | Free |
| Rural Bank of Porac (Pampanga), Inc. | Free |
| Top Bank Philippines, Inc. (A Rural Bank) | Free effective July 15, 2026 |
| Digital Banks | |
| GoTyme Bank Corporation | Free |
| Maya Bank, Inc. | PESONet transfers are free until further notice |
| UnionDigital Bank, Inc. | Free |
| Electronic Money Issuers | |
| DCPAY Philippines, Incorporated | Free |
| USSC Money Services Incorporated | Free |
| Conditional Zero-Fee PESONet | |
| Australia and New Zealand Banking Group Limited | Value-based tiering is assumed |
| JP Morgan Chase Bank, N.A. | Value-based tiering is assumed |
The number of institutions offering free PESONet transactions gives consumers more flexibility when sending non-urgent payments or moving larger amounts between accounts. Customers can choose among traditional banks, newer digital banks, rural institutions, and electronic money providers depending on their preferred platform and financial needs.
Why Free Transfer Fees Matter
Zero-fee transfers can have a practical effect on household budgets. A customer who performs ten interbank transfers every month at PHP 15 per transaction would otherwise spend PHP 150 monthly or PHP 1,800 over one year.
The savings may be especially valuable for freelancers, online sellers, small business owners, parents sending allowances, and workers who regularly divide their income among savings, payment, and investment accounts.
Free transfers also make it easier for consumers to maintain accounts with multiple financial institutions. Instead of keeping all their money with one provider simply to avoid transfer fees, customers can select different banks for savings, bills, payments, purchases, or other financial goals.
Always Check the Latest Bank Terms
The BSP list is based on the latest disclosures submitted by supervised financial institutions as of July 17, 2026. Transfer policies can still change, particularly when a waiver is promotional or subject to conditions.
Customers should check the amount displayed on the confirmation screen before completing a transaction. They may also consult their bank's official app, website, customer service channels, or updated schedule of fees to confirm whether a transfer remains free.
Users should also remember that free transfer fees do not remove the need to verify the recipient's bank, account number, account name, and transaction amount. Sending money to an incorrect account can be difficult to reverse, even when the transfer itself carries no charge.
A More Affordable Digital Banking Experience
The growing availability of free InstaPay and PESONet transfers is a welcome development for Filipino consumers. It reduces the cost of moving money, encourages greater use of digital financial services, and gives customers more freedom to select institutions based on service quality, security, convenience, and features.
Whether you are sending emergency funds through InstaPay or scheduling a larger non-urgent transfer through PESONet, reviewing the latest BSP list can help you identify the most cost-efficient option.
As banks and financial technology providers continue competing for digital customers, Filipinos may benefit from more zero-fee services and increasingly consumer-friendly banking options in the years ahead.
Note: The information in this article is based on disclosures reflected in the Bangko Sentral ng Pilipinas document extracted on July 17, 2026. Fees, promotions, conditions, and availability may change. Customers are advised to confirm the latest terms directly with their chosen financial institution before completing a transfer. Source
