Several banks are waiving fees for transfers made through their PESONet and InstaPay platforms until December 2022, the Bangko Sentral ng Pilipinas said on Monday, January 24, 2022.
The development came after Senator Sherwin Gatchalian, vice chairperson of the Senate Committee on Banks, appealed to the Bangko Sentral ng Pilipinas (BSP) and the banking community to make online money transfers free of charge during the COVID surge to help ease the financial burden on the public.
InstaPay transactions are credited immediately and cover amounts of up to PHP50,000 daily, while PESONet transfers are for transaction amounts higher than P50,000.
PESONet will require several days to reflect on accounts, as processing depends per bank.
Here are banks waiving InstaPay and PESONet fees this 2022: