Select banks extended free transfers until March 2021 via the Bangko Sentral ng Pilipinas' InstaPay and PesoNet facilities.
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InstaPay transfers are credited immediately and cover transaction amounts no more than P50,000 while PesoNet transfers are for transaction amounts higher than P50,000 and require a couple of days for processing time depending on the bank.
The BSP waived fees for InstaPay and PesoNet for majority of 2020, and extended it until early 2021. The additional fees were waived to help the public cope with the financial tolls of the COVID-19 pandemic.
These banks are waiving transaction fees for InstaPay and PesoNet transactions:
Bangko Sentral ng Pilipinas
