BSP expects more banks to waive interbank transfer fees as new rules take effect July 4, 2026

BSP expects more banks to waive interbank transfer fees as new rules take effect July 4, 2026 03.07.2026

The Bangko Sentral ng Pilipinas (BSP) expects more Philippine banks to waive interbank fund transfer fees as new regulations take effect on July 4, 2026. BSP Governor Eli Remolona Jr. stated that financial institutions must comply with Circular 1238, which caps the difference between interbank and intrabank transfer fees to reflect only the actual "switch cost" — the cost of processing a transaction through a payment network. So far, two banks have already announced fee removals: Ayala-led BPI permanently removed fees for InstaPay and PESONet transactions starting July 1, 2026, while RCBC will make InstaPay transfers free starting July 4, 2026.

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