Bank transfer volumes rise by as much as 50% after banks waive transfer fees, BSP says

Central bank says account signups also increased as more Filipinos opened bank accounts through digital.

Digital transfers have jumped by as much as 50% since most local banks removed transfer fees, according to the Bangko Sentral ng Pilipinas (BSP).

BSP Deputy Governor Mamerto Tangonan said banks have informed the agency that their transfer volumes have increased by between 10% and 50% since the widespread move to make transfers free.

More users have also been applying for bank accounts since the move, the BSP said.

“There are now new customers who have onboarded or opened accounts, especially as banks and e-wallets now support the online opening of accounts through the national ID authentication service,” Tangonan said in a July 14 interview on One News.

The BSP issued Circular No. 1238 directing financial institutions to adopt fair pricing for retail digital fund transfers, promoting inclusive banking and financial services. Banks began removing fees for InstaPay and PESONet transfers in early July.

In 2024, digital payments made up 57.4% of the country’s total monthly retail transaction volume. While no data has been released yet for 2025, authorities project digital payments will significantly dominate the country’s transactions over the next five years.

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