Digital bank Maya will reduce its InstaPay transfer fee to P10 from P15 beginning Monday, 6 July, joining a growing number of financial institutions lowering the cost of electronic fund transfers.

In a statement on Saturday, the company said the lower fee will apply to real-time transfers from Maya accounts to other banks. Maya added that Maya-to-Maya transfers, as well as PESONet transfers, will remain free, subject to standard processing schedules.

Adjust pricing for electronic fund transfers

The move comes as banks and digital financial institutions adjust their pricing for electronic fund transfers following recent regulatory initiatives aimed at making digital payments more affordable and accessible.

The Bank of the Philippine Islands announced on Monday the permanent waiver of InstaPay and PESONet transfer fees as part of its 175th anniversary celebration.

Rizal Commercial Banking Corporation likewise offers free InstaPay person-to-person fund transfers through its digital banking platforms, RCBC Pulz and RCBC banks, e-wallets and financial institutions without transfer charges.

LandBank reduces InstPay fees to P8 from P15

Meanwhile, state-owned Land Bank of the Philippines (LandBank) earlier reduced its InstaPay fee to P8 from P15. These moves follow the Bangko Sentral ng Pilipinas’ (BSP) recent circular addressing online transaction fees.

Under Circular No. 1238, issued on 17 June, the BSP introduced a new pricing framework for electronic payment services that requires fees to be fair, transparent and aligned with actual costs.

The BSP said fees for person-to-person transfers between banks, e-wallets and other payment service providers should not be materially different from transfers within the same institution, which are often free.

Costs paid to network operators. E.g. BancNet

Any additional charges should largely reflect costs paid to network operators such as BancNet for InstaPay and the Philippine Clearing House Corp. for PESONet.

The BSP also emphasized that digital transaction charges should generally remain lower than fees for manual or over-the-counter transactions, given the efficiency and lower operating costs of electronic channels.

Maya said the fee reduction is part of its efforts to simplify digital money transfers and provide customers with more cost-effective options for everyday transactions.