The Land Bank of the Philippines will remove transaction fees on InstaPay and PESONet transfers effective tomorrow, July 7, as part of a broader industry shift toward more affordable digital banking services.
BSP Gov. Eli Remolona Jr. expects more banks to waive interbank fund transfer fees over the weekend, as the BSP gave financial institutions until Saturday, July 4, to adjust transfer fees and comply with a circular that caps the difference between interbank and intrabank fees.
Two banks are already on board: BPI removed InstaPay and PESONet fees starting July 1, and RCBC will make InstaPay transfers free starting July 4.
BSP Governor Eli Remolona Jr. says the goal is to get more people using digital payments — the more people who can send and receive money for free, the more useful the system becomes for everyone.
Starting September 1, 2026, Philippine National Bank (PNB) will raise its ATM withdrawal fee for cardholders of other banks from ₱15 to ₱18 per transaction — a 20% increase.
The change applies only to non-PNB cardholders using PNB's over 1,700 ATMs nationwide; PNB account holders are not affected.