Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. expressed optimism that more banks will begin waiving interbank fund transfer fees starting July 4, in line with BSP Circular 1238.
The directive requires that any difference between intrabank and interbank transfer charges should only reflect the actual “switch cost” or network processing expense.
So far, BPI has announced free InstaPay and PESONet transfers, while RCBC confirmed it will waive fees for InstaPay transactions to comply with the new rule.
The BSP warned that banks and electronic money issuers failing to follow the regulation will be subject to enforcement protocols.
Remolona emphasized that the measure aims to benefit clients by making digital fund transfers more affordable and accessible nationwide.
