Land Bank of the Philippines has joined BPI and RCBC in permanently waiving fund transfer fees for InstaPay and PESONet, extending the benefit to Overseas Filipino Bank (OFBank) clients worldwide.
Starting July 7, 2026, state-owned Land Bank of the Philippines (LANDBANK) announced that all online fund transfers via its mobile banking app and iAccess would be free of charge.
This zero-fee policy covers both InstaPay and PESONet transactions, benefiting millions of retail clients and OFBank users abroad.
LANDBANK emphasized that every peso saved on transfer fees can be redirected toward household needs or reinvested in businesses, aligning with President Ferdinand Marcos Jr.’s directive to strengthen digital financial services and expand access to affordable banking.
“LANDBANK once again is leading by example, and I hope all financial institutions will continue lowering or removing the cost of digital transactions for every Filipino,” stated LANDBANK Chairperson and Finance Secretary Frederick Go.
Hand-in-Hand in Digital Finance Inclusion
LANDBANK is the country’s largest government-owned bank, originally established to serve farmers and fisherfolk but now a universal bank catering to both public and private sectors.
It plays a central role in financing government projects, supporting rural development, and promoting financial inclusion.
As a state-owned institution, LANDBANK’s policies often set the tone for the broader banking industry, making its decision to waive transfer fees a landmark move that pressures other institutions to follow suit.
LANDBANK’s announcement follows similar moves by Bank of the Philippine Islands (BPI), which permanently waived InstaPay and PESONet fees starting July 1, and Rizal Commercial Banking Corporation (RCBC), which eliminated InstaPay fees on July 4.
These decisions reflect a growing trend among banks to compete on digital affordability.
Meanwhile, e-wallets like GCash and Maya have reduced their InstaPay fees to ₱10 per transaction, though they have not yet matched the zero-fee model adopted by banks. Transfers within their own platforms remain free.
The BSP recently lifted a five-year freeze on transfer fee adjustments, allowing banks to set their own pricing.
This regulatory flexibility has triggered competitive moves, with banks leveraging their diversified revenue streams to absorb the cost of zero-fee transfers.
Unlike banks, e-wallets rely heavily on transaction-based revenues, making it harder for them to eliminate fees entirely.
The broader cause is BSP’s push for financial inclusion and affordability.
The central bank, by encouraging institutions to lower or waive fees, aims to dismantle barriers to digital adoption, ensuring that more Filipinos can access secure, efficient financial services.
Bangko Sentral ng Pilipinas (BSP) also plays a critical role in balancing affordability with sustainability.
It requires institutions to disclose fees transparently and ensures that digital transactions remain cheaper than over-the-counter alternatives.
BSP Governor Eli Remolona Jr. has emphasized that competition should drive down costs while maintaining the long-term viability of payment providers.
Hurdles Commonly Faced by the Common Filipino
While the Philippines has made remarkable progress in digital finance adoption, several hurdles still prevent many Filipinos from fully participating in the digital economy.
One of the most significant barriers is limited access to reliable internet and smartphones
Although mobile penetration is high, many rural households still rely on basic phones or have intermittent connectivity, making it difficult to consistently use e-wallets or mobile banking apps.
This digital divide means that while urban consumers can easily adopt QR Ph or online transfers, rural communities may remain dependent on cash.
Another hurdle is financial literacy. Many Filipinos are unfamiliar with how digital platforms work, or they harbor concerns about security and fraud.
Without clear education and trust-building, even low-cost or zero-fee services may not be fully utilized. This is compounded by generational differences, as older Filipinos often prefer traditional banking or cash transactions.
There is also the issue of transaction costs beyond transfer fees.
While banks like LANDBANK, BPI, and RCBC have waived InstaPay and PESONet fees, cash-in and cash-out charges at partner outlets can still be burdensome.
For low-income households, these small costs add up and discourage frequent use of digital platforms.
Finally, exclusion from formal banking systems remains a challenge.
According to BSP’s Financial Inclusion Survey, millions of Filipinos remain unbanked due to lack of valid IDs, distance from bank branches, or mistrust of institutions. Even with e-wallets, onboarding can be difficult for those without documentation or stable income.
Choosing the Best E-Wallet or Bank for your Financial Needs
The waiving of fund transfer fees represents more than just cost savings. It welcomes a systemic shift toward a digitally inclusive economy, where barriers to financial access are dismantled.
Consumers can enjoy greater freedom to move money without worrying about hidden charges. Business owners are provided with opportunity to simplify transactions and reduce overhead.
Regulatory oversight also strengthens the foundation for digital public service delivery, enabling faster and more transparent disbursement of aid and subsidies.
So how should Filipinos choose the right platform?
Selecting the right digital finance platform is no longer just about convenience—it’s about aligning your financial habits with the services that maximize value.
For many Filipinos, the choice comes down to banks versus e-wallets, each offering distinct advantages. When selecting a digital finance platform, Filipinos should weigh several factors.
Transfer fees are crucial—banks like LANDBANK, BPI, and RCBC now offer zero-fee transfers, while e-wallets like GCash, Maya, and DOPAY charge minimal fees.
Accessibility matters too, as e-wallets often provide easier onboarding and wider cash-in/cash-out networks, especially in rural areas.
Services offered differ: banks provide broader financial products such as loans and deposits, while e-wallets excel in convenience for everyday payments.
Security and regulation should not be overlooked—always ensure the platform is BSP-licensed and compliant with data privacy standards.
Finally, consider user experience, including app usability, customer support, and merchant integration.
For example, an OFW sending remittances may prefer LANDBANK or OFBank for zero-fee transfers, while a student paying bills might find GCash more convenient.
A small business owner managing payroll could benefit from PESONet transfers via BPI or RCBC.
Do More with DOPAY!
In this evolving landscape, DOPAY stands out as a BSP-licensed Electronic Money Issuer (EMI) and Virtual Asset Service Provider (VASP), combining the strengths of both banks and e-wallets. It offers minimal-fee transfers and bill payments, ensuring affordability comparable to banks, while maintaining the accessibility and convenience of e-wallets.
What sets DOPAY apart is its crypto integration.
Customers can send funds anywhere through cryptocurrency, bridging traditional finance with digital assets. This feature is particularly valuable for Overseas Filipino Workers (OFWs) and underbanked communities, who often face high remittance costs and limited access to formal banking.
With crypto transfers that seamlessly convert into pesos, DOPAY ensures that financial empowerment extends beyond borders.
By lowering costs and expanding services, it helps dismantle barriers that have historically excluded millions of Filipinos from the financial system.
As banks move toward zero-fee transfers and e-wallets strive to balance affordability with sustainability, DOPAY exemplifies the future of digital finance: low-cost, inclusive, and trusted.
Download the DOPAY app today!
