The two largest e-wallets in the Philippines are landing on the same number for sending money out to other banks. GCash and Maya are both setting a ₱10 InstaPay transfer fee for real-time transfers to other local banks, capped at ₱50,000 per transaction. GCash's adjusted fee took effect on July 4, while Maya's ₱10 fee starts on July 6. The changes arrive in the same week that Bank of the Philippine Islands (BPI) permanently waived its transfer fees and Rizal Commercial Banking Corporation (RCBC) began offering free InstaPay transfers on two of its apps.
Key Takeaways
- GCash and Maya are both charging ₱10 per InstaPay transfer to other banks, with a ₱50,000 per-transaction cap.
- GCash's ₱10 fee took effect July 4; Maya's ₱10 fee takes effect July 6 and will show in the Maya app.
- Maya is lowering its fee from ₱15 to ₱10; transfers between Maya users and PESONet transfers stay free.
- The moves follow BPI permanently waiving InstaPay and PESONet fees on July 1 and RCBC waiving InstaPay fees on Pulz and DiskarTech on July 4.
- Banks and wallets cite the Bangko Sentral ng Pilipinas (BSP) Circular No. 1238, which pushes for fair pricing on electronic fund transfers.
What is changing for InstaPay transfers
InstaPay is the country's real-time, low-value electronic fund transfer rail, used when you send money instantly from one bank or e-wallet to another. Both GCash and Maya are now pricing an out-of-network InstaPay transfer at ₱10 per transaction, with the same ₱50,000 maximum amount per transfer. The distinction matters for everyday users: sending money within the same wallet stays free, and the ₱10 applies only when the cash leaves for a different institution.
Maya: down from ₱15 to ₱10
Maya confirmed the change in a statement on Saturday, July 4, saying customers making real-time transfers to other banks through InstaPay will pay a lower ₱10 fee starting July 6, down from ₱15. Transfers between Maya users remain free and instant, while PESONet bank transfers 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, adding that customers "can also continue sending money instantly to other Maya users for free, or use PESONet for free bank transfers." The digital bank framed the lower fee as part of an effort to make digital money movement "simple, accessible, and affordable" for more Filipinos. The updated ₱10 InstaPay fee will be reflected in the Maya app.
GCash: ₱10 out, free for most in-network sends
GCash moved first, with its adjusted ₱10 InstaPay fee applying from July 4. As with Maya, the fee covers transfers to other local banks and carries the same ₱50,000 per-transaction ceiling. For GCash-to-GCash transfers, the platform waives fees for the first 500 sends and 500 receives per month, then charges ₱5 per transaction beyond that limit — a charge described as applying only to select power users. In practice, the vast majority of GCash users who stay within those monthly limits will not pay anything to send within the network.
Why the fees are moving now
The repricing is part of a broader shake-up in Philippine digital transfers driven by the central bank. BPI permanently waived its InstaPay and PESONet transfer fees starting July 1, and RCBC began offering free InstaPay transfers through its Pulz and DiskarTech apps on July 4, covering the first 30 transactions per month for amounts above ₱100. Both institutions cited BSP Circular No. 1238, which encourages reasonable and fair pricing for electronic fund transfers.
BSP Governor Eli Remolona Jr. signaled that the trend is far from over, saying he expects more banks and e-wallets to adjust or waive their transaction fees in the coming days. The result is a market splitting into two camps: some institutions are dropping interbank fees to zero, while the biggest wallets are settling on a lower flat rate rather than eliminating the charge outright.
What it means for everyday users
For a typical GCash or Maya user, the cheapest path is still to keep money moving within the same wallet or to use PESONet, both of which remain free. When a real-time transfer to another bank is genuinely needed, the cost is now ₱10 rather than the older, higher fees — a modest saving that adds up for people who move money across institutions often. With BPI and RCBC going fee-free and the central bank nudging the rest of the market, the pressure on the largest wallets to keep trimming or eventually scrap these fees is likely to continue.
FAQ
When do the new ₱10 fees take effect?
GCash's ₱10 InstaPay fee applies from July 4, 2026. Maya's ₱10 fee takes effect on July 6, 2026, and will be reflected in the Maya app.
Is there a limit on how much I can transfer?
Both wallets cap InstaPay transfers at ₱50,000 per transaction.
Are transfers within GCash or Maya still free?
Maya-to-Maya transfers remain free. GCash-to-GCash sends are free for the first 500 sends and 500 receives each month, after which a ₱5 charge applies to select power users. PESONet transfers on Maya also stay free.
Why are banks and wallets changing their fees?
The changes follow the BSP's Circular No. 1238, which pushes financial institutions toward reasonable and fair pricing for electronic fund transfers. Several banks have gone further and waived interbank fees entirely.
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