Joselito Malig

BSP: More banks to offer zero transfer fee

Article (news)

Jekki Pascual

ABS-CBN News

MANILA - Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. revealed that more banks may remove money transfer fees in the coming days.Remolona said more banks may follow “in about two days.”This comes after BPI and RCBC announced free bank transfers to other banks or e-wallets if a customer transfers funds via the banks’ app. Landbank also earlier announced free transfers for a limited number of times per day. The BSP chief welcomed this development, saying this will help expand digital payments in the country.<div><a href="https://www.abs-cbn.com/news/business/2026/7/1/bpi-oks-deposit-and-withdraw-via-grocery-cashiers-for-free-2034">BPI OKs deposit and withdraw via grocery cashiers for free </a> </div>“Natutuwa lang ako na nababa na ang transfer fees,” he said.Remolona added, “Kung marami kasama, mas maganda, diba? So dapat ang entry fee mababa, kung pwedeng zero, mabuti.” He did not divulge which banks will remove or reduce transfer fees but said he expects more banks to follow soon.Finance Secretary Frederick Go earlier told ABS-CBN that it is important to reduce or cut bank transfer fees to promote financial inclusion. He is happy that major players have started the move and that more can follow. “Competition is a powerful force and when the market leaders and in this case two of the largest banks have implemented reduced or free transactions, I believe the rest of the market will follow suit,” Go said.<div><a href="https://www.abs-cbn.com/news/business/2026/7/1/bsp-eyes-central-bank-digital-currency-for-large-international-payments-1359">BSP eyes central bank digital currency for large international payments</a> </div>Meanwhile, Remolona said they continue to monitor global and domestic developments to check if another rate hike is needed. He said they are also waiting for the inflation report next week.Remolona said this on the sidelines of the launch for the BSP book “Risk and Resilience in the Philippine Financial System: How Much Has Changed?” He said it is important to look back and study the financial crises that have hit the country, adding that these lessons will help shape the future of the nation’s financial system.

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. revealed that more banks may remove money transfer fees in the coming days.

Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. revealed that more banks may remove money transfer fees in the coming days.