BDO Unibank announced on Wednesday that it has permanently removed all fees for InstaPay and PESONet transfers, making these electronic fund transfer services completely free for its clients. The move, reported by the Manila Bulletin, applies to transactions made via the bank's mobile app, online banking, and branch channels with immediate effect.
The waiver covers both personal and business accounts, allowing customers to send money instantly or via the batch settlement system without additional charges. This positions BDO as one of the first major Philippine banks to offer zero-fee digital transfers, a move expected to drive greater adoption of cashless payments among its millions of account holders.
The development comes as the Bangko Sentral ng Pilipinas continues to push for a cash-lite economy, with digital payment transactions now accounting for over 50% of total retail payments. Industry analysts view BDO's decision as a strategic response to growing competition from digital banks and fintech players offering free transfers.