BSP announced updated list of banks and e-money firms with waived PESONet and InstaPay fees!

BSP has announced an updated list of banks and e-money issuers with waived PESONet and InstaPay fees.

The list of banks and e-money issuers with waived fees

BSP outs banks and firms with waived PESONet and InstaPay fees!

PESONet and InstaPay services are a convenient form of transferring funds instantly to your desired receiver. In most cases, they come with charges. Meanwhile, Bangko Sentral ng Pilipinas says some firms have waived fees with certain mechanics to follow.

The rules to follow

Below are the list of FYI's to qualify for waived fees:

1. Free online fund transfers to other banks via InstaPay and PESONet for the first three transactions with PHP 1,000 and below per day effective November 1, 2023.
2. For transactions amounting to PHP 1,000 and below. FREE (Waived fee) from August 8 to November 11, 2023.
3. Until December 31, 2023, BPI extended free InstaPay transfers for transactions worth up to PHP 1,999 using the BPI app.
4. InstaPay transfer fee of PHP 25 for PHP 1,001 above and PHP 0.00 for PHP 1,000 below.
5. FREE 3X transfer resets every Monday. PHP 8.00 per transaction after the 3rd transaction in a week (PESONet and InstaPay).
6. InstaPay transfers are free of charge in Metrobank Online and Metrobank App for transactions of PHP 1,000 and below until December 31, 2023.
7. FREE for the first 15 sending transactions per week (PESONet and InstaPay combined) and PHP 15 per transaction thereafter.

Below is the list of banks with waived PESONet fees until December 31, 2023:

• BPI Direct BanKO. Inc., A Savings Bank (retail)
• Country Builders Bank, Inc.
• CIMB Bank Philippines
• East West Bank
• GoTyme Bank Corporation
• HSBC (retail clients)
• HSBC Savings Bank (retail clients)
• Land Bank of the Philippines
• Maya Bank, Inc.
• PayMongo Payments, Inc.
• Philippine Business Bank, Inc.
• Rural Bank of Guinobatan
• SeaBank Philippines, Inc.
• Tonik Digital Bank, Inc.
• Union Bank of the Philippines (retail clients)

Below is the list of waived InstaPay fees:

Until November 11, 2023

• Union Bank of the Philippines

Until December 31, 2023

• Bank of the Philippine Islands
• BPI Direct BanKO. Inc., A Savings Bank
• CIMB Bank Philippines
• GoTyme Bank Corporation
• Land Bank of the Philippines
• Maya Bank, Inc.
• Metropolitan Bank and Trust Company
• Rural Bank of Guinobatan
• SeaBank Philippines, Inc.
• Tonik Digital Bank, Inc.

What do you guys think?

Source: BSP