Are all InstaPay transfers now free?

No. BPI and RCBC (via Pulz and DiskarTech) offer free InstaPay P2P transfers, subject to conditions on RCBC Pulz. GCash and Maya still charge ₱10 per interbank InstaPay transfer.

When does Maya's lower fee start?

Maya's reduction to ₱10 from ₱15 takes effect on July 6, 2026. GCash's ₱10 fee took effect July 4.

What is Circular 1238?

It is a BSP pricing framework for person-to-person electronic fund transfers that requires fair, cost-based pricing and bars interbank fees from being materially higher than same-institution transfers.

BSP Says More Banks Will Waive InstaPay Fees as Circular 1238 Takes Effect

The BSP expects more banks to waive or cut InstaPay fees within days after BPI and RCBC went free and GCash and Maya dropped charges to ₱10 under Circular 1238.

Clurky•Jul 5, 2026•5 min read•1 views

Philippines GCash Fintech Maya

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Clurky

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