EastWest Banking Corp. is removing InstaPay transfer fees for customers using its EasyWay and Komo apps starting July 15, giving clients another way to save on everyday digital banking transactions.
The bank also said PESONet transfers will remain free, allowing customers to move funds through either of the country’s two major electronic payment rails without paying transfer charges.
The initiative supports the Bangko Sentral ng Pilipinas (BSP)‘s push to expand the use of digital payments and make financial services more accessible to Filipinos.
EastWest said the move is part of its efforts to make banking more convenient and useful for everyday transactions by giving customers more ways to transfer funds safely and cost-effectively through its digital platforms.
Free InstaPay transfers complement existing PESONet fee waiver
IMAGE CREDIT: EastWest Banking Corp.
The waiver covers InstaPay transactions made through EasyWay, EastWest’s mobile banking app, and Komo, its digital banking platform.
InstaPay enables real-time transfers between participating banks and e-wallets, making it a popular option for sending money instantly. PESONet, on the other hand, is designed for larger or less time-sensitive transfers that are processed in scheduled batches. While many banks still charge a fee for InstaPay transactions, several financial institutions have started waiving or reducing these charges as digital banking becomes increasingly competitive.
“At EastWest, we want banking to feel easier and more useful in our clients’ everyday lives,” said EastWest CEO Jerry G. Ngo. “Through EasyWay and Komo, we are giving individual clients more ways to move money safely and more conveniently.”
The bank’s latest move reflects the growing focus on attracting customers through lower-cost digital services rather than relying on transaction fees. For customers, the change means they can choose between instant transfers via InstaPay or scheduled transfers through PESONet without having to factor in transfer costs.
The announcement also underscores the broader shift toward cashless transactions in the Philippines, where banks and fintech companies continue investing in digital channels as more consumers manage their finances through mobile apps.
EastWest said the initiative is part of its efforts to make digital banking more convenient and cost-efficient while supporting the country’s push toward greater financial inclusion.
Free InstaPay transfers through EasyWay and Komo will take effect on July 15, while PESONet transfers will continue to be offered at no cost to all EastWest clients.
