More banks scrap digital transfer fees

MANILA, Philippines — More banks are removing fees on digital fund transfers, as lenders move to make mobile banking more affordable amid the growing shift to electronic payments.

Metropolitan Bank & Trust Co. has removed InstaPay and PESONet transfer fees on its mobile banking app, allowing customers to send money to other banks and e-wallets at no extra cost.

“Whether it’s your usual transactions via InstaPay, or you’re sending bigger amounts via PESONet, all transfers are now free,” Metrobank said in an advisory.

The Ty-led bank said customers may send up to P50,000 per InstaPay transaction and up to P100,000 daily. For larger transfers, PESONet allows users to send up to P200,000 per day.

Metrobank said the zero-fee service applies to transfers made through the Metrobank App. It also encouraged non-clients to open an eSavings account through the app to access the free transfer service.

Likewise, Metrobank’s thrift banking arm Philippine Savings Bank also waived InstaPay and PESONet transfer fees starting yesterday.

Meanwhile, Security Bank Corp. is extending free fund transfers to all its customers starting July 10, after previously offering the benefit only to select client segments such as Gold, Wealth, Corporate and Business Banking clients.

MariBank Philippines Inc. has also lifted its previous cap of 50 free transfers per month, allowing customers to make unlimited InstaPay and PESONet bank transfers for free, based on a separate post by Digital Banks PH Updates.

The move marks an upgrade for the digital-first rural bank, which already offers one percent cashback on eligible QRPh and card transactions, bills payment and savings interest of up to 3.75 percent per annum.

InstaPay is typically used for real-time transfers of smaller amounts, while PESONet is used for larger fund transfers that are processed within banking hours.

The waived fees support the long-standing objective of the Bangko Sentral ng Pilipinas in promoting affordable, convenient and inclusive digital payments.

It follows BSP Circular 1238, issued last month, directing banks to bring interbank transfer fees closer to zero. Banks must also be ready to justify their fees with cost analyses if asked.