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Finance

Philippine Interbank Transfer Fees

The days of free interbank transfer fees are over as several banks would start to charge for this service as of October November 1, 2020.

For months, we have enjoyed free interbank transfer as banks have waived these fees to help out during the pandemic. This has caused online transactions to soar for Instapay and Pesonet as people would just do their banking transactions online.

Instapay or Pesonet?

  • Instapay is an interbank transfer service that will credit your transfer instantly but has a limit of PHP 50,000. This should be your default choice unless you need to transfer huge amounts.
  • Pesonet is an interbank transfer service that has a delay or processing time for your transfer but has a higher limit of PHP 10,000,000 (10 million!). The limit varies though by bank but definitely higher than Instapay.

How much are the new transfer fees?

Bank NameFee
BDOPHP 25
BPIPHP 50
China BankPHP 10 to 25
EastWest BankPHP 5
Gcash or G-Xchange, IncPHP 15
LandbankPHP 10
MaybankPHP 25
MetrobankPHP 25
Paymaya
PNBPHP 30 to 50
RCBCPHP 15 to 27.5
Security BankPHP 25 to 80
if no value

This table will be updated when we get more information. As of now, there are several banks that have waived their fees up to the end of 2020 while other banks have waived it until further notice.

Cost of Convenience

This is an unpopular opinion especially that in these hard times where every cent counts. The fees that we are paying are the cost of convenience where we are able to transact at the comfort of our homes.

We do not need to spend time and money to go to the bank branch to do our transactions. It also reduces our exposure especially since the corona virus is still there. It would still be best if it was free but the banks still has to earn somehow. Perhaps it will be better soon when this becomes the norm (remember when sending SMS used to cost PHP 1 per message and now we have unli-text to all networks?).

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