Institutions that kept a transfer fee after July 4 will be asked to explain how that fee was built, rather than penalised straight away. The BSP has invited GCash and Maya to discuss their ₱10 InstaPay fees, four days after Circular No. 1238 took effect. Nothing changes for senders today: no new rule and no new price.
The arithmetic behind the ₱10 question
BSP Deputy Governor Mamerto Tangonan told BusinessWorld how the circular reads against a ₱10 off-us price: “your transfer to the same bank, or what we call on-us, should be P8.50.” The same report quotes a separate BSP memo saying that “any differences in fees should be supported by reasonable and directly attributable costs,” such as switching or network expenses, and should not discourage interoperability.
| Wallet | InstaPay to banks and other wallets | Effective |
|---|---|---|
| GCash | ₱10 | July 4, 2026 |
| Maya | ₱10 | July 6, 2026 |
The statements above come from the BSP’s briefing to reporters, as BusinessWorld reported them.
Until a fee actually changes, the price a sender pays is the one on our transfer fees page; GCash fees covers that wallet’s charges in detail.
Sources
- BusinessWorld, July 8, 2026. Bangko Sentral wants banks, e-wallets to explain fund transfer fee structures ↗
- BSP. Summary of Transfer Fees via Digital Channels ↗ ·
- BSP, June 17, 2026. Circular No. 1238, s. 2026 ↗