EastWest Bank is joining a growing wave of Philippine lenders eliminating digital fund transfer fees, signaling how free online transactions are fast becoming a competitive necessity rather than an added customer benefit.
Starting July 15, eligible EastWest and KOMO customers will enjoy free InstaPay transfers across the bank’s digital channels, while PESONet transactions will remain free of charge. The move places EastWest among banks that have recently scrapped transfer fees as competition intensifies for digitally engaged customers and cashless transactions continue to gain momentum.
To qualify, customers must maintain an active peso savings or checking account with a minimum average daily balance of P2,000. Eligible clients can transfer up to P50,000 per InstaPay transaction, with a daily cumulative limit of P200,000 for EastWest accounts and P50,000 for KOMO accounts.
The fee waiver covers transactions made through the EastWest EasyWay mobile app, EastWest Online Banking, QR Ph, and the KOMO digital banking platform.
The decision reflects a broader shift in the banking industry, where free digital transfers are increasingly viewed as a core service instead of a limited-time incentive. As more Filipinos embrace digital payments for everyday transactions, banks are focusing on reducing friction and improving convenience to attract and retain customers.
Removing transfer fees also supports the country’s broader push toward a more inclusive digital financial ecosystem by encouraging consumers and small businesses to move money electronically instead of relying on cash.
Despite the waived charges, EastWest said all transactions will continue to comply with Bangko Sentral ng Pilipinas regulations and anti-money laundering rules. The bank also retains the authority to monitor, investigate and act against transactions deemed suspicious, fraudulent or abusive.
The latest policy underscores how competition in Philippine banking is increasingly centered on digital experience, with affordability, speed and convenience emerging as key differentiators as lenders race to deepen customer engagement in an increasingly cashless economy.
