More banks drop transfer fees as PNB, Metrobank join trend

Free InstaPay and PESONet transfers continue to expand across major local banks.

More Philippine banks are eliminating transfer fees, with Philippine National Bank (PNB) and Metrobank becoming the latest lenders to offer free fund transfers through InstaPay and PESONet.

PNB announced that domestic bank transfers via InstaPay and PESONet will be free starting July 10. The bank said the move is part of the celebration of its 110th anniversary on July 22.

Metrobank, meanwhile, began offering free InstaPay and PESONet transfers through its mobile app on July 9.

Their announcements add to the growing number of local banks removing transfer fees in recent days, making digital fund transfers more affordable for customers. The broader industry move comes as banks continue to encourage wider use of digital payment channels and make everyday banking transactions more convenient.

Last week, BPI, Landbank, and UnionBank also rolled out free interbank transfers, signaling a wider industry push toward fee-free digital banking.

InstaPay allows users to send up to ₱50,000 per transaction, while PESONet enables transfers of up to ₱200,000 per day.

The Bangko Sentral ng Pilipinas has encouraged financial institutions to waive transfer fees as part of efforts to make banking services more accessible and support the country’s growing adoption of digital payments.

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