MANILA, Philippines — Digital bank Maya is lowering its InstaPay transfer fee to other banks from P15 to P10, joining a growing number of financial institutions reducing the cost of electronic fund transfers.
The announcement comes after Bank of the Philippine Islands permanently waived fees for InstaPay and PESONet transfers starting July 1, while Rizal Commercial Banking Corp. began offering free InstaPay transfers through its Pulz and DiskarTech platforms on July 4. Both cited the Bangko Sentral ng Pilipinas's Circular No. 1238, encouraging reasonable and fair pricing for electronic fund transfers.
In a statement on Saturday, July 4, Maya said customers making real-time transfers to other banks through InstaPay will pay a lower P10 fee starting July 6.
Transfers between Maya users will remain free and instant, while PESONet bank transfers will continue to be free, subject to standard processing schedules.
With this update, customers who need real-time transfers to other banks can send money at a lower fee," Maya said.
"Customers can also continue sending money instantly to other Maya users for free, or use PESONet for free bank transfers subject to standard processing schedules," it added.
The digital bank said the lower fee is part of its efforts to make digital financial services more affordable.
The move supports Maya’s continuing effort to make digital money movement simple, accessible, and affordable for more Filipinos, with free and lower-cost transfer options for everyday use," the company said.
The updated P10 InstaPay transfer fee will take effect on July 6 and will be reflected in the Maya app.
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