E-wallets have been used by Filipinos as a payment method due to their convenience. However, transferring funds from e-wallets to banks usually require transfer fees. But with the newly enforced transfer fee decrease and removal, transactions are now more affordable.
Several digital financial platforms used by Filipinos have implemented a transfer fee reduction. Among them is GCash, lowering its transfer fees from P15 to P10, which was effective last July 4, 2026. Additionally, Maya has also cut its InstaPay fund transfer fee to other banks, still from P15 to P10, effective this July 6.
Meanwhile, some e-wallets have removed their transfer fees. Transactions to banks and e-wallets made through BPI’s app, both for PESONet and InstaPay, are now free, which was effective last July 1. The Rizal Commercial Banking Corporation, through RCBC Pluz, has also made InstaPay bank transfers free, which is only valid for the first 30 transfers per month, last July 4.
Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said that the transfer fee removal and reduction will encourage financial institutions to also decrease or eliminate their bank transfer fees.
“Kung marami kasama, mas maganda, ‘di ba? So dapat ang entry fee mababa, kung pwedeng zero, mabuti,” said Remolona.
Photo courtesy of Fin.do
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