Something historic happened to Philippine banking in July 2026.
One by one — starting with BPI on July 1, followed by LandBank, UnionBank, PNB, and eventually BDO — the country's biggest banks eliminated interbank transfer fees entirely. Not reduced. Not capped. Eliminated.
Based on the Bangko Sentral ng Pilipinas' official list of BSP-Supervised Financial Institutions with Zero-Peso and Waived PESONet and InstaPay Fees as of July 24, 2026 — 17 financial institutions now offer free InstaPay transfers without conditions, alongside 31 institutions with free, unconditional PESONet transfers.
I already wrote about the first wave of this change when GCash, Maya, and BPI announced their fee reductions on July 4. That post covered the BSP regulatory backstory and what the change means for ordinary Filipinos.
This post is the complete, updated list — every Philippine bank and e-wallet currently offering free or reduced transfers, as of the latest BSP disclosure.
Why did this happen? BSP Circular No. 1238 required financial institutions to implement reasonable and cost-based pricing for digital transfers by July 4, 2026. The actual switch cost of an InstaPay transfer through the interbank network is approximately ₱1.50. Banks were previously charging ₱15 to ₱25 per transfer — a markup of over 1,000%. The circular ended that.
Which banks are now free? BPI, BDO, LandBank, UnionBank, PNB, PSBank, MariBank, UnionDigital, Tonik, UNO Digital Bank, OwnBank, and more. Full list below.
What about GCash and Maya? Reduced to ₱10 — not yet free. Internal transfers remain free.
THE COMPLETE FREE TRANSFER LIST — July 2026
FULLY FREE — InstaPay AND PESONet, No Conditions
Traditional Banks:
Bank of the Philippine Islands (BPI)
BPI was the first major bank to act — making InstaPay and PESONet permanently free starting July 1, 2026, benefiting more than 9.5 million enrolled app users. Via the BPI Mobile app. Both BPI, VYBE, BanKo, and BizKo platforms included.
BDO Unibank
BDO was initially classified as a "BSFI with conditional zero fees" but on July 9 announced completely free interbank transfers via InstaPay and PESONet. The largest bank in the Philippines by assets — joining the free tier within days of the BSP deadline.
Land Bank of the Philippines (LandBank)
Free InstaPay and PESONet effective July 7, 2026. LandBank followed BPI just six days after the BSP deadline. As a government bank where many government employee salaries are credited — this directly benefits millions of public servants.
UnionBank of the Philippines
Free InstaPay and PESONet effective July 7, 2026. UnionBank also operates UnionDigital Bank — both platforms now fee-free.
Philippine National Bank (PNB)
PNB waived InstaPay and PESONet fees starting July 10, 2026 — timed with PNB's 110th anniversary. "Waiving transfer fees is one way we can make banking more convenient and help more Filipinos move their money with greater ease and confidence," PNB president Edwin Bautista said.
Philippine Savings Bank (PSBank)
Free PESONet and InstaPay — no conditions, no caps.
Equicom Savings Bank
Free PESONet and InstaPay.
Digital Banks:
MariBank Philippines (formerly SeaBank Philippines)
Free PESONet and InstaPay — confirmed on the official BSP list. MariBank changed its free transfer structure from 15 weekly to 50 monthly starting June 2026 — and is now fully free following BSP Circular 1238. This is the same MariBank ranked Number 1 in the Philippines by Forbes 2026 World's Best Banks — which I wrote about here.
UnionDigital Bank
Free PESONet and InstaPay — was already free before the BSP circular. One of the digital banks that led the way before it was required.
Tonik
Free InstaPay and PESONet — already free before BSP deadline. No conditions.
UNO Digital Bank (UNObank)
Free PESONet / ₱8 InstaPay — very close to free. Among the most competitive digital bank rates currently.
OwnBank (The Rural Bank of Cavite City)
Free PESONet and InstaPay.
Netbank
Free PESONet and InstaPay — until July 31, 2026 only. After that, ₱5 per InstaPay transfer applies. If you use Netbank — note that this free period ends this month.
CONDITIONAL FREE OR REDUCED FEE
GCash
₱10 per InstaPay transfer (reduced from ₱15). GCash-to-GCash transfers remain free. The country's largest e-wallet by users — still charging, just less.
Maya
₱10 per InstaPay to other banks (reduced from ₱15). Maya-to-Maya and PESONet transfers free. Maya is operated by PLDT's digital arm Voyager Innovations.
RCBC (via Pulz app)
First 30 InstaPay transfers per month free with a minimum of ₱100 per transaction. ₱10 applies once the monthly limit is reached or if transactions fall below the minimum amount.
GoTyme Bank
Free PESONet / ₱0 to ₱9 InstaPay — conditional structure depending on transaction.
CIMB Bank Philippines
Free PESONet / First 2 InstaPay transfers free, then ₱10 per transfer after.
EastWest Bank
Free PESONet / ₱10 InstaPay.
City Savings Bank
Free PESONet / ₱10 InstaPay.
BPI Direct BanKo
₱50 PESONet / ₱0 to ₱10 InstaPay — conditional by transaction value.
THE NUMBER THAT PUTS EVERYTHING IN CONTEXT
The BSP pegs the actual switch cost of routing an InstaPay payment through the interbank network at approximately ₱1.50.
For years — before July 2026 — Filipinos were paying ₱15 to ₱25 per InstaPay transfer.
Now that transfers are free — who pays the ₱1.50?
The banks absorb it. Not out of generosity — out of competitive pressure. Once BPI went free on July 1, every other bank had to justify why they were still charging. The ₱1.50 switch cost is now a marketing expense disguised as consumer benefit. Banks that process more digital transactions earn back far more through loans, account fees, and other revenue streams. The transfer fee was never their primary income. It was a side profit they could no longer justify under BSP scrutiny.
You are not getting something for nothing. The banks just stopped overcharging.
The math: ₱25 fee on a ₱1.50 actual cost. That is a 1,567% markup on every transfer.
If you used to transfer money 4 to 5 times a month at the old ₱15 to ₱25 rate, that is roughly ₱60 to ₱125 a month — or ₱720 to ₱1,500 a year — just to move your own money around. For OFWs, freelancers, or anyone splitting bills or sending allowance regularly, the savings add up fast.
BSP Circular 1238 did not just reduce fees. It exposed what the fees always were — not a cost recovery mechanism, but a revenue stream extracted from the most basic act of moving money from one Filipino account to another.
WHAT THIS MEANS FOR ORDINARY FILIPINOS
For government employees:
LandBank going free directly benefits millions of public servants whose salaries are credited there. Every payroll cycle transfer, every contribution payment, every family remittance — now free.
For GCash and Maya users:
The ₱10 fee is still there — but the pressure is now enormous. With BPI, BDO, LandBank, UnionBank, and PNB all at zero, the justification for ₱10 becomes harder to defend. Expect further movement from GCash and Maya in the coming months.
For MSME owners:
Receiving payments from customers across different banks — previously accumulating ₱15 per transaction across dozens of daily transfers — is now significantly cheaper. For the small businesses I spent nine years helping at DTI Surigao del Norte, this reduces one more friction point in going fully digital.
For everyone:
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.
The race to zero is not over. It just started.
PRACTICAL GUIDE — WHICH BANK SHOULD YOU USE FOR FREE TRANSFERS?
If you already have BPI, BDO, LandBank, UnionBank, or PNB:
You are already covered. Open your bank app and transfer freely — no setup required. The fee waiver is automatic.
If you want a digital bank with zero fees and good savings rates:
MariBank (Forbes #1 in PH, free transfers, interest credited daily), UnionDigital, or Tonik are your strongest options currently.
If you only have GCash or Maya:
Your transfers are ₱10 — not free but cheaper than before. For GCash-to-GCash and Maya-to-Maya, internal transfers remain free. For cross-platform transfers, consider opening a BPI or BDO account where the sending side is free.
If you use RCBC:
30 free transfers per month via Pulz app covers most ordinary users comfortably.
Disclaimer: Transfer fee information is based on BSP official disclosures and verified news sources as of July 24, 2026. Fees, conditions, and promotional periods are subject to change without notice. Always verify current terms directly with your bank or e-wallet before transacting. This post will be updated as the list changes.
Before I Close This Tab
July 2026 will be remembered as the month Philippine banking finally answered a question Filipinos have been asking for years:
Why does it cost money to move my own money?
The answer — it costs ₱1.50. It always did. The rest was markup.
Seventeen institutions now offer free InstaPay. Thirty-one offer free PESONet. BPI, BDO, LandBank, UnionBank, PNB — the names that have defined Philippine banking for decades — all at zero.
The digital banks that were already free before the regulation are now joined by the traditional giants.
Check your app. Your transfers may already be free.
And if you are still paying ₱10 or more per transfer — look at the list above and decide whether it is time to open an account that respects your money the same way you do.
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