Metropolitan Bank & Trust Co. (Metrobank) and Philippine Savings Bank (PSBank), the banking units of the Ty Group, said they would no longer charge fees for online fund transfers via InstaPay and PESONet, following a regulatory push to lower transaction costs.
The banks said the waiver took effect on July 9 and covers transfers made through their respective mobile and online banking platforms.
“Zero transfer fees. Zero reasons not to send with the Metrobank App,” Metrobank said in a social media post, adding that customers can make both InstaPay and PESONet transfers without additional charges.
PSBank also announced the removal of transfer fees, saying in a separate social media post that InstaPay and PESONet transactions through its mobile and online banking channels are now free.
The move comes after the Bangko Sentral ng Pilipinas last month issued Circular No. 1238, directing banks and other supervised financial institutions to align interbank fund transfer fees more closely with actual costs and, where feasible, reduce them toward zero.
The central bank also said institutions must be able to justify any fees through cost analyses if required.
Metrobank was the country’s third-largest private lender by assets at P3.41 trillion as of end-March, while PSBank remained the largest thrift bank with total resources of P232.58 billion.
