PASAY CITY, Philippines (Jul 2026) — Moving money to other bank accounts just got a whole lot cheaper as the country’s largest lender officially scraps online fund transfer fees.
Sending money via InstaPay and PESONet is now completely free when using digital channels. The waiver applies specifically to transactions made through the BDO Online and BDO Pay mobile applications.
By eliminating the transaction charges, the Sy family-controlled banking giant aligns itself with a massive, industry-wide shift toward free digital banking. Millions of Pinoy retail banking customers who frequently move money across different banks can now bypass the traditional transaction fees, which historically cost consumers between PHP 10 (approx. $0.17) and PHP 50 (approx. $0.86) per transfer.
The central bank’s digital push
The sudden wave of zero-fee transfers comes on the heels of new pricing guidelines from the Bangko Sentral ng Pilipinas. The central bank has been actively pushing local financial institutions to lower the cost of person-to-person electronic fund transfers to accelerate financial inclusion and drive cashless adoption.
BSP Governor Eli Remolona Jr. previously indicated that more lenders would cut down or entirely eliminate transaction fees as part of a collective effort to build a more inclusive digital ecosystem.
BDO is the latest major commercial bank to roll out free transfers this month. Bank of the Philippine Islands permanently waived its InstaPay and PESONet fees starting July 1, while Land Bank of the Philippines followed suit by dropping charges on July 7. Other players, including EastWest Bank and Chinabank, have likewise announced similar fee-free timelines.
Better digital options for Pinoys
With the country’s biggest lenders removing financial barriers on their apps, competition is heating up in the digital banking sector. Lenders are now forced to improve platform reliability and introduce better features to retain users who no longer feel tied down by steep transfer charges.
The free transfer feature is automatically live for all verified BDO Online and BDO Pay users. Customers only need to update their mobile apps to the latest version via the Google Play Store or Apple App Store to access the zero-fee electronic fund transfers.
