The Bangko Sentral ng Pilipinas (BSP) is actively reviewing explanations from banks and major e-wallet providers like GCash and Maya after they failed to fully comply with new guidelines urging financial institutions to keep money transfer fees fair and reasonable.
Under BSP Circular 1238, inter-bank transfer charges should closely match internal ones, ideally reflecting only the minimal ₱1.50 processing cost rather than heavy fees. While most major banks—covering about 90% of transaction volumes nationwide—have already waived their transfer fees entirely, GCash and Maya have only lowered theirs to ₱10.
The BSP required non-compliant firms to submit itemized cost breakdowns to justify their pricing, with Deputy Governor Mamerto Tangonan emphasizing that e-wallets should earn revenue through value-added services like loans and insurance rather than transfer fees.
Tangonan noted that provider companies must either lower their inter-bank rates further or adjust internal fees, leaving consumers free to switch to cheaper alternatives if they are unhappy with the charges.
