ICYMI: These Banks Are Offering Free Cash Transfers ‘til the End of 2023

Good news! You can now enjoy waived transfer fees from selected banks for InstaPay and PESONet transactions until the end of the year, just in time for the holiday season.

The Bangko Sentral ng Pilipinas (BSP) released the full list of banks and e-money issuers yesterday, which is updated as of Oct. 31, on social media.

Ranging from P5 to P25, the waived transfer fee could be of big help to online bank users.

In addition, BSP has also issued various guidelines for other banks. These include requirements such as a minimum transaction amount of P1,000 or a limitation on the number of transactions allowed per week.

To see the full guidelines, check out BSP's post to learn about your bank's terms and conditions.

Banks with Free PESONet Transfer Until Dec. 31

• BPI Direct BanKO, Inc., A Savings Bank (retail)
• Country Builders Bank, Inc.
• CIMB Bank Philippines
• East West Bank
• GoTyme Bank Corporation
• HSBC (retail clients)
• HSBC Savings Bank (retail clients)
• Land Bank of the Philippines (first three transactions below P1,000 starting on Nov. 1)
• Maya Bank, Inc.
• Paymongo Payments, Inc.
• Philippine Business Bank, Inc.
• Rural Bank of Guinobatan
• SeaBank Philippines, Inc.
• Tonik Digital Bank, Inc.
• Union Bank of the Philippines (retail clients)

Banks with Free InstaPay Transfer Until Nov. 11

• Union Bank of the Philippines (transactions worth P1,000 and below)

Banks with Free InstaPay Transfer Until Dec. 31

• Bank of the Philippine Islands (transactions up to P1,000 using the BPI app)
• BPI Direct BanKO, Inc., A Savings Bank (transactions below P1,000)
• CIMB Bank Philippines
• GoTyme Bank Corporation (free 3x transfers per week)
• Land Bank of the Philippines
• Maya Bank, Inc. (Business Deposit)
• Metropolitan Bank and Trust Company (transactions through the Metrobank Online and Metrobank App worth P1,000 and below)
• Rural Bank of Guinobatan
• SeaBank Philippines, Inc. (first 15 transactions per week)
• Tonik Digital Bank, Inc.