GCash, Maya reduce InstaPay transfer fees

E-wallet GCash and digital bank Maya have lowered their fees on InstaPay transfers—the latest adjustments among financial institutions reducing transaction costs, in line with a Bangko Sentral ng Pilipinas (BSP) directive, which took effect Saturday.

Maya will charge only P10 per InstaPay transfer to other banks beginning on Monday, down from P15, while transactions between Maya accounts and fund transfer service PESONet will remain free, the company said over the weekend.

Maya said the move aligns with its “continuing effort to make digital money movement simple, accessible and affordable for more Filipinos, with free and lower-cost transfer options for everyday use.”

Ayala affiliate GCash on July 4 reduced fees for InstaPay transfers to P10 from the previous P15.

InstaPay, which allows real-time fund transfers of up to P50,000 per transaction, is widely used for retail purchases, e-commerce payments, toll fees and other everyday transactions. PESONet allows large-value fund transactions.

Earlier reductions

The reduced fees follow similar moves last week by a number of banks, ahead of BSP Circular No. 1238, which took effect on July 4.

The Bank of the Philippine Islands (BPI) waived InstaPay and PESONet transfer fees across its BPI, VYBE, BanKo and BizKo platforms, allowing customers to transfer funds to other banks and e-wallets free of charge.

Rizal Commercial Banking Corp. also waived InstaPay fees for the first 30 transfers each month, with a minimum transaction amount of P100.

As early as May, state-run Land Bank of the Philippines lowered its InstaPay charge for person-to-person transfers to P8 from P15.

The BSP circular, issued last month, requires financial institutions to ensure “reasonable and fair market-based” transfer fees which are proportionate to the actual cost of providing the service. —WITH A REPORT FROM NYAH GENELLE DE LEON