More banks waiving online transfer fees until Dec. 31, 2021

Bank account holders will continue to enjoy online transactions for free as more banks extended their waiver on InstaPay and PESONet fees to as late as December 31, 2021.

The Bangko Sentral ng Pilipinas has released an updated list of banks with waived online transfer fees as of March 31, 2021.

On the said list, 11 banks waived PESONet fees until the end of the year, while four banks waived InstaPay fees until December 31.

Meanwhile, nine banks waived PESONet fees until June 30 and 10 banks waived InstaPay fees until the same period.

Below is the complete list of banks that waived online transfer fees:

The BSP launched InstaPay in April 2018, an electronic fund transfer (EFT) payment system that enables individuals to wire funds across banks in real-time.

Meanwhile, PESONet was launched in 2017, enabling the government, businesses, and individuals to initiate electronic fund transfers and recurring payments in financial institutions supervised by the central bank within the same banking day.

In July last year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said he wants at least half of all Philippine transactions done digitally by the end of his term in 2023. 

— Ted Cordero/RSJ, GMA News