PNB joins banks in cutting transfer fees
Philippine National Bank (PNB) will waive InstaPay and PESONet transfer fees starting 10 July, allowing over 1.6 million PNB Digital users to send money for free to all domestic banks and e-wallets.
Daily TribunePhilippine National Bank (PNB) will waive InstaPay and PESONet transfer fees starting 10 July, allowing over 1.6 million PNB Digital users to send money for free to all domestic banks and e-wallets.
Beginning Friday, 10 July, Philippine National Bank (PNB), the banking arm of the Lucio Tan Group, will waive InstaPay and PESONet transfer fees, allowing customers to send funds for free to all domestic banks and e-wallets through the PNB Digital mobile banking application.
The initiative increases the number of local banks that have eliminated or reduced digital transfer fees in recent weeks, reflecting an industry-wide push to make electronic payments more affordable and accessible for consumers.
PNB President and Chief Executive Officer Edwin R. Bautista said the move is part of the bank’s celebration of its 110th anniversary and serves as a way of giving back to customers who have supported the institution through the years.
“As we celebrate PNB’s 110th anniversary, we want to give back to the customers who have placed their trust in us through the years,” Bautista said. “Waiving transfer fees is one way we can make banking more convenient and help more Filipinos move their money with greater ease and confidence. It reflects our continuing commitment to accessible, inclusive and customer-centered banking.”
The fee waiver is expected to benefit more than 1.6 million PNB Digital users, enabling them to transfer funds more conveniently while reducing the cost of everyday banking transactions.
The Land Bank of the Philippines likewise announced on Monday that it would waive InstaPay and PESONet transfer fees after earlier reducing its InstaPay fee to P8 from P15. The Bank of the Philippine Islands and Rizal Commercial Banking Corp. have also permanently waived their online transfer fees, while digital bank Maya and Lucio Co-backed Philippine Bank of Communications reduced their respective InstaPay fees to P10.
PNB earlier declared a special cash dividend of P1.10 per common share on top of its regular dividend payout equivalent to 20 percent of its 2025 net income in line with its 110th anniversary this July.
