Some banks will extend free transfers using InstaPay and PesoNet to Dec. 31, from Sept. 30 as originally announced, according to separate advisories.
Among them, Metrobank and RCBC. Earlier, Bank of the Philippine Islands, GCash and PayMaya said they would charge customers for select fund transfers starting Oct. 1.
According to an earlier Bangko Sentral ng Pilipinas advisory, the following banks are waiving InstaPay and PesoNet fees until Dec. 31: Union Bank of the Philippines, Asia United Bank, Land Bank of the Philippines, Development Bank of the Philippines, Security Bank, Sterling Bank of Asia, Standard Chartered Bank, East West Bank, United Coconut Planters Bank, Maybank Philippines, HSBC (waived for retail, reduced to P50 from P150 for corporate)
The InstaPay and PesoNet transfer fees were waived at the start of the COVID-19 quarantines in March to provide some relief to consumers.
InstaPay, as the name implies, allows instant fund transfers between banks and financial institutions for amounts no bigger than P50,000. This is ideal for online shopping. Fees run up to P50.
PesoNet on the other hand is for amounts higher than P50,000 and the transfer is cleared the next day. Here's a video explainer from the Bangko Sentral.