Several banks extended free transfers until December 2021 using the Bangko Sentral ng Pilipinas' InstaPay and PesoNet facilities.
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InstaPay transfers are credited immediately and cover transaction amounts of up to P50,000 while PesoNet transfers are for transaction amounts higher than P50,000 and require several days for processing time, depending on the bank.
To help the public recover from the financial tolls of the COVID-19 pandemic, the BSP waived fees for InstaPay and PesoNet for majority of 2020. Some banks have opted to waive the extra charges until early 2021, while a few have extended until December 2021.