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BSP Presses GCash, Maya on P10 Transfer Fees on July 20 as 14 Banks Go Free

GateNews
According to BSP Deputy Governor Mamerto Tangonan on July 20, the Bangko Sentral ng Pilipinas is demanding that GCash and Maya explain and justify their P10 fees for transfers to other banks and e-wallets. This follows the central bank's campaign in July to dismantle payment barriers, with at least 14 universal and commercial banks—including BDO, BPI, and Metrobank—now offering free InstaPay transfers, accounting for roughly 90% of transaction volume. GCash cut its fee from P15 to P10 on July 4, while Maya made the same reduction on July 6. Tangonan stated the BSP expects the e-wallets to comply with regulations and will review their submitted cost breakdowns before issuing findings. No timeline was given for a final determination.
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