More banks drop InstaPay and PESONet fees, July 14 to 22

Twelve more institutions lowered or removed their InstaPay and PESONet fees between July 14 and July 22, 2026, after the largest banks went to zero earlier in the month. The changes are recorded in the footnotes of the Bangko Sentral ng Pilipinas (BSP) disclosure table, Summary of Transfer Fees via Digital Channels, and each one applies to individual clients.

Philippine Veterans Bank changed the two rails on separate dates, PESONet first. Asia United Bank’s footnote covers both: “Fees are FREE effective on 20 July 2026.”

The legal basis is BSP Circular No. 1238, in effect since July 4, 2026. It says the fee on a person-to-person transfer to another institution should not materially differ from the fee on the same transfer inside the institution, plus the switch cost of the off-us leg. Institutions that did not waive were asked for an itemized breakdown of how their fees were built, Deputy Governor Mamerto Tangonan said on July 20, as reported by ABS-CBN, and a BSP memo quoted by BusinessWorld says differences “should be supported by reasonable and directly attributable costs”. Some of these changes are a cut to ₱9 or ₱10 rather than a waiver.

Fees for every bank and e-wallet on one page: transfer fees.