Two state and commercial banks stop charging retail clients for interbank transfers today, and a third lowers its price. LandBank makes InstaPay and PESONet free on the LandBank Mobile Banking App and iAccess, including for clients of the Overseas Filipino Bank (OFBank), the government’s digital bank for overseas Filipino workers, or OFWs. UnionBank makes person-to-person InstaPay free in UnionBank Online, where PESONet was already free. PBCom lowers its InstaPay fee to ₱10. All three take effect July 7, 2026.
| Institution | InstaPay | PESONet | Effective |
|---|---|---|---|
| LandBank, including OFBank | ₱8 to free | ₱15 to ₱50 beyond limited free small transfers, to free | July 7, 2026 |
| UnionBank | ₱10 to free | Already free | July 7, 2026 |
| PBCom | Lowered to ₱10 | July 7, 2026 |
LandBank’s release, posted by the Philippine Information Agency, says the bank “will make all online fund transfers FREE starting July 7, 2026.” UnionBank’s own post the same day tells customers to “enjoy ZERO FEES when you InstaPay to other banks or e-wallets.” LandBank’s earlier prices, and PESONet’s ₱15 to ₱50 range beyond its limited free small transfers, were reported by BusinessWorld; LandBank’s ₱8 InstaPay fee had itself been cut from ₱15.
The three changes are the first week’s response to BSP Circular No. 1238, effective July 4. Our transfer fees page lists who charges what, and PESONet explains the batch rail’s banking-day timing.