UnionBank has removed transaction fees for person-to-person fund transfers made through InstaPay, with the new policy taking effect today, July, as reported by YugaTech. The move is expected to benefit account holders who frequently use the instant payment service for sending money to other bank accounts.
InstaPay, a real-time electronic fund transfer service in the Philippines, typically charges a small fee per transaction. UnionBank's decision to waive these fees aligns with the growing trend among Philippine banks to reduce or eliminate digital transaction costs to encourage cashless payments.
The fee removal applies to all personal accounts, including mobile app and online banking transfers. Customers can now send up to PHP 50,000 per transaction via InstaPay without incurring additional charges, making it more affordable for everyday banking needs.