BSP Clarifies: Transaction Fee Mandate Is for Fair Price, Not Zero Fees

BSP clarifies bank transfers need not be free » YugaTech | Philippines Tech News & Reviews

The Bangko Sentral ng Pilipinas (BSP) clarified that it never required banks and e-wallets to waive digital fund transfer fees, despite issuing Circular No. 1238 to make transfer fees reflect actual costs. BSP implemented Circular 1238 last July 4, 2026, requiring that any gap between intrabank and interbank transfer fees only reflect the cost of routing a transaction through a payment network. BSP pegs this cost, called the “switch cost,” at P1…

BSP clarifies: transaction fee mandate is for fair price, not zero fees

While most banks have waived their InstaPay and PESONet transaction fees, the BSP made clarifications regarding Circular No. 1238. While their initial push was for zero fees for fund transfers, the BSP explained that their push is for a cost-based fair pricing guideline. This means that digital financial services are not required to completely remove transaction fees–instead, they are required to charge only the actual cost of the fund transfer.…

Expecting ₱0 InstaPay Fees Forever? What the BSP's Fair Pricing Rules Mean for Maya, GCash, and Bank Transfers

BSP Circular 1238 confirms e-wallets and banks can charge transfer fees as long as they are fair and cost-based.

BSP clarifies Circular No. 1238: Fair pricing, not zero fees

Bangko Sentral ng Pilipinas (BSP) clarified Circular No. 1238, saying it gives the digital finance industry clearer rules while supporting affordable and secure digital payments.Photo from FinTech Alliance PHCircular No. 1238 clarifiedAfter talks with BSP officials, it was clarified that Circular 1238 is about fair, cost‑based pricing. It is not a rule for zero fees.FinTech Alliance PH welcomed the clarification. Basically, this means banks, e‑m…