Except for GrabPay, free transfers via the Bangko Sentral's InstaPay and PESONet platforms will end on Dec. 31, the central bank said, citing information from lenders as of Dec. 17.
Robinsons Bank will continue charging P1 per transfer for InstaPay until Dec. 31, while Unionbank will keep PESONet transactions free for retail clients until the said date. InstaPay on GrabPay will be free until March 31, 2022.
InstaPay transactions are credited immediately and cover amounts of up to P50,000 daily while PESONet is for transaction amounts higher than P50,000. PESONet will require several days to reflect on accounts, depending on each bank's processing time.
To help the public recover from the financial tolls of COVID-19 lockdowns, the BSP waived fees for InstaPay and PESONet for majority of 2020, with fees returning gradually in 2021.
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These banks are waiving transaction fees for InstaPay and PesoNet transactions: (as of Dec. 21)
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