BSP clarifies banks, e-wallets not required to remove fund transfer fees

Pricing guidelines allow cost-based fees, not a zero-fee mandate.

The Bangko Sentral ng Pilipinas (BSP) clarified that Circular No. 1238 does not require banks and payment service providers to eliminate electronic fund transfer fees, saying the regulation is a cost-based fair pricing guideline rather than a zero-fee mandate.

FinTech Alliance PH welcomed the clarification, saying it gives banks, fintech firms, and payment providers greater regulatory certainty while allowing them to continue investing in secure and sustainable digital payment services.

The BSP also clarified that compliance with the circular does not limit off-us person-to-person electronic fund transfer charges solely to switch costs, giving providers room to consider other legitimate costs when setting fees.

The Alliance said the guidance helps balance consumer affordability with the need for continued investment in payment infrastructure, cybersecurity, and innovation. 

As more Filipinos and businesses rely on digital transactions, maintaining reliable and secure payment systems remains crucial to supporting everyday commerce.

FinTech Alliance PH said a sustainable digital finance ecosystem requires fair pricing, continued innovation, and services that remain accessible to more Filipinos.

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