Several banks and e-wallets in the Philippines have already announced a resumption of fees for PESONet and InstaPay fund transfers starting on January 1, 2021.
Due to the pandemic, fund transfer fees for online banking and over-the-counter transactions through PESONet and InstaPay were waived several months ago. However, some banks as well as mobile wallets like GCash have already started collecting fees for online and OTC transactions via InstaPay and PESONet.
If you use Internet and mobile banking facilities to perform payments and fund transfers, it’s a good idea to keep track of fund transfer fees to avoid paying more than you hoped for. That way, you can look for an alternative way to transfer your money in order to minimize your costs. For example, you can use an e-wallet like GCash or PayMaya to take advantage of their relatively lower transfer fees.
PESONet and InstaPay Fees Starting January 1, 2021
Allbank, Inc.
- ₱15 (InstaPay)
- ₱25 (PESONet)
Asia United Bank
- ₱10 (InstaPay)
- ₱10 (PESONet)
Bank of China, Ltd. Manila Branch
- ₱100 (PESONet)
Bank of Commerce
- ₱100 (InstaPay via over-the-counter)
- ₱10 (InstaPay via online banking)
- ₱100 (PESONet via over-the-counter)
- ₱10 (PESONet via online banking)
- ₱10 (PESONet via ATM)
Camalig Bank
- ₱20 – ₱500 (PESONet)
Card Bank, Inc.
- Fees unannounced yet but declared to waive fees until December 31, 2020 only
China Bank Savings
- Waiver of fees extended to March 31, 2021
China Banking Corporation
- Waiver of fees extended to March 31, 2021
CIMB Bank Philippines
- Fees unannounced yet but declared to waive fees until December 31, 2020 only
Country Builders Bank
- Fees unannounced yet but declared to waive fees until December 31, 2020 only
CTBC Bank (Philippines) Corporation
- ₱403 (PESONet via over-the-counter)
DCPay Philippines (Coins.ph)
- ₱10 (InstaPay)
- ₱5 (PESONet)
Development Bank of the Philippines
- ₱50 (InstaPay and PESONet via over-the-counter)
- ₱10 (InstaPay and PESONet via online banking)
Diskartech (RCBC)
- ₱10 (InstaPay)
EastWest Banking Corporation
- ₱5 (InstaPay)
EastWest Rural Bank
- ₱5 (InstaPay)
GPay Network (PH), Inc. (GrabPay)
- Fees unannounced yet but declared to waive fees until December 31, 2020 only
HSBC Savings Bank
- ₱50 (PESONet)
ING Bank N.V. Manila Branch
- Fees unannounced yet but declared to waive fees until December 31, 2020 only
JP Morgan Chase Bank
- ₱0 – ₱125 (PESONet)
Land Bank of the Philippines
- ₱25 (InstaPay)
- ₱15 (PESONet)
Maybank Philippines
- ₱0 – ₱40 (InstaPay)
- Peso equivalent for USD $15 (PESONet)
Metropolitan Bank and Trust Company
- ₱25 (InstaPay)
- ₱150 (PESONet)
PayMaya
- ₱0 to ₱10 (InstaPay)
Philippine Bank of Communications (PBCOM)
- ₱1 – ₱20 (InstaPay)
- ₱15 – ₱500 (PESONet)
Philippine Business Bank
- Fees unannounced yet but declared to waive fees until December 31, 2020 only
Philippine National Bank (PNB)
- ₱50 (InstaPay)
- ₱30 (PESONet)
Philippine Savings Bank (PSBank)
- Fees unannounced yet but declared to waive fees until December 31, 2020 only
Philippine Trust Company (Philtrust Bank)
- ₱25 (PESONet)
Philippine Veterans Bank
- ₱250 (PESONet)
Rizal Commercial Banking Corporation (RCBC)
- ₱15 (InstaPay)
- ₱10 (PESONet)
Robinsons Bank
- ₱1 (InstaPay via online banking)
- ₱100 (PESONet via over-the-counter)
- ₱1 (PESONet via online banking)
Rural Bank of Guinobatan
- Fees unannounced yet but declared to waive fees until December 31, 2020 only
Security Bank
- ₱15 (InstaPay)
- ₱20 (PESONet)
Standard Chartered Bank
- ₱50 (PESONet)
StarPay
- Fees unannounced yet but declared to waive fees until December 31, 2020 only
Sterling Bank of Asia
- ₱100 (PESONet)
The Hongkong & Shanghai Banking Corporation (HSBC)
- ₱150 (PESONet via over-the-counter)
Union Bank of the Philippines
- Waiver of fees extended until March 31, 2021
United Coconut Planters Bank (UCPB)
- ₱150 (PESONet)
Many thanks to Reddit user ayyylexa for the compilation of fees.
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