Free bank transfers have become much easier to find in the Philippines.
Based on the latest list drawn from the Bangko Sentral ng Pilipinas‘ Supervised Financial Institutions with Zero-Peso and Waived PESONet and InstaPay Fees (For Individual Clients) disclosure as of 13 July 2026, 17 financial institutions offer free InstaPay transfers without conditions, while another four waive the fee only under certain terms.
The PESONet list is even longer where we counted 31 institutions with free, unconditional PESONet transfers, alongside another three with conditional zero fees.
This guide to free InstaPay and PESONet fees follows the list set out by the central bank, showing where transfers cost nothing and where customers still need to meet certain conditions.
Free InstaPay and PESONet Fee List at a Glance
The list separates institutions into two categories.
The first covers those offering free transfers without conditions, while the second includes institutions where a cap, eligibility requirement or promotional period applies.
This article covers fees for individual clients based on the latest disclosures from BSP-supervised financial institutions. Transaction limits, eligible channels and account-specific conditions may still apply.
Last updated: 14 July 2026
Why Are More Philippine Banks Waiving InstaPay and PESONet Fees?
The recent run of fee waivers followed a change in the BSP’s approach to electronic fund transfer pricing.
Memorandum No. M-2026-025 lifted the moratorium on changes to InstaPay and PESONet transfer fees.
New pricing rules introduced through BSP Circular No. 1238 also called for person-to-person interbank transfer charges to remain reasonably close to the cost of transferring money within the same institution.
Any additional charge should largely reflect the actual cost of routing the payment through the interbank network.
Several major banks subsequently dropped their fees during the first half of July, joining institutions that had already offered free transfers before the recent wave.
Banks and Financial Institutions With Free InstaPay Transfers
The latest list includes 17 institutions with free, unconditional InstaPay transfers for individual clients.
A zero InstaPay fee does not necessarily mean customers can send any amount without restrictions.
Banks may still impose maximum amounts per transaction or per day, while eligible transfer channels can also differ between institutions.
InstaPay Transfers With Conditional Zero Fees
Four institutions appear separately under the conditional zero-fee InstaPay category.
They are BPI Direct BanKo, CIMB Bank Philippines, GoTyme Bank and Netbank.
CIMB gives customers their first two InstaPay transactions free before charging PHP 10 for each subsequent transfer.
GoTyme offers 20 free transfers per month, with a PHP 9 fee applying from the 21st transfer onwards.
BPI Direct BanKo is listed under value-based tiering, while Netbank’s InstaPay transfers remain free only until 31 July 2026. A PHP 5 fee applies afterwards.
The distinction matters because these institutions do not offer an open-ended zero fee in every situation.
Banks and Financial Institutions With Free PESONet Transfers
PESONet has a substantially longer zero-fee list in which we counted 31 institutions offering free transfers without conditions.
The group includes major banks, digital banks, several thrift banks and it also reaches much further into the rural banking sector too.
Non-Bank Financial Institutions who are under the Bangko Sentral ng Pilipinas’ supervision also falls into the list, completing the unconditional zero-fee PESONet list.
PESONet Transfers With Conditional Zero Fees
Three institutions appear under the conditional zero-fee PESONet category which Australia and New Zealand Banking Group, JPMorgan Chase Bank, LandBank and Maya Bank.
ANZ and JPMorgan Chase are listed under value-based tiering.
LandBank offers the first three transactions worth PHP 1,000 or less per day for free through its mobile banking app and iAccess.
Maya’s PESONet transfers are free until further notice, which places the bank in the conditional category rather than the fully unconditional list.
LandBank also appears in the unconditional PESONet section, so the classifications here follow the BSP-based list as published.
More Banks Could Still Join the Free Transfer List
The latest list already shows how widely zero-fee transfers have spread across the Philippine financial system.
Major commercial banks now sit alongside digital banks, thrift institutions and smaller rural lenders on the free-transfer lists.
The picture can still change quickly, though.
Netbank’s free InstaPay period is due to end on 31 July, while Maya’s free PESONet arrangement runs only until further notice. Other banks could also change their pricing as the BSP continues to refine its approach to digital transfer fees.
Anyone comparing free InstaPay and PESONet fees should therefore pay attention to the date of the source as closely as the fee itself.
Frequently Asked Questions About Free InstaPay and PESONet Fees
1. Which banks have free InstaPay transfers in the Philippines?
The latest list includes 17 institutions offering free InstaPay transfers without conditions.
They include BPI, BDO, Chinabank, EastWest, LandBank, Metrobank, PNB, RCBC, Security Bank and UnionBank, alongside China Bank Savings, Equicom Savings Bank, PSBank, OwnBank, MariBank, UnionDigital Bank and CIS Bayad Center.
2. Which banks have free PESONet transfers in the Philippines?
We counted 31 institutions with free, unconditional PESONet transfers.
The list includes major commercial banks as well as thrift banks, rural banks, digital banks and electronic money issuers.
3. How many institutions have free InstaPay transfers?
We counted 17 institutions offering free InstaPay transfers without conditions, alongside another four with conditional zero fees.
4. What does a conditional zero fee mean?
A conditional zero fee applies only when certain requirements are met.
GoTyme gives customers 20 free InstaPay transfers each month before charging PHP 9 from the 21st transfer.
CIMB offers its first two InstaPay transactions free before charging PHP 10 per transaction afterwards.
5. How much can free InstaPay and PESONet transfers save?
A PHP 10 fee may look minor for a single transaction, but repeated transfers can add up over time.
Someone sending money once a week would spend PHP 520 a year at that rate. At PHP 15 per transfer, the annual cost rises to PHP 780 across 52 weekly transactions.
The savings can become more significant for people who move money frequently between banks.
Those looking for a more detailed comparison of what banks and financial institutions charge can also check the BSP’s Summary of Transfer Fees via Digital Channels.
6. Does free InstaPay or PESONet mean there are no limits?
No. A zero fee does not necessarily mean unlimited transfers.
CIMB and GoTyme, for example, give customers a fixed number of free InstaPay transfers before charges begin.
Netbank’s free InstaPay period runs only until 31 July 2026, while BPI Direct BanKo follows value-based tiering.
PESONet has its own conditions too. Maya’s zero fee is valid until further notice, while LandBank waives the charge only for certain transfers made through selected channels.
Banks may also impose limits on how much customers can send per transaction or per day, even when the transfer fee itself is zero.
7. Is Netbank InstaPay free?
Yes, but only temporarily. Netbank’s InstaPay transfers are free until 31 July 2026, after which a PHP 5 fee applies.
8. Is Maya PESONet free?
Yes, but the zero fee is conditional. The latest list states that Maya’s PESONet transfers are free until further notice.
9. Is GoTyme InstaPay free?
GoTyme offers 20 free InstaPay transfers per month. A PHP 9 fee applies to subsequent transfers starting from the 21st transaction.
10. What is BSP Circular No. 1238?
BSP Circular No. 1238 forms part of the central bank’s new approach to electronic transfer pricing.
The rules call for interbank person-to-person transfer fees to remain reasonably aligned with transfers within the same institution, with additional charges largely reflecting actual network costs.
Memorandum No. M-2026-025 separately lifted the moratorium on changes to InstaPay and PESONet transfer fees.
Featured image: Edited by Fintech News Philippines based on an image by Kimi Moto via Pexels and wahyu_tvia Magnific.
Infographic images: Edited by Fintech News Philippines based on images from the respective bank websites.
