- Through Circular No. 1238, signed June 17, 2026, the Bangko Sentral ng Pilipinas now requires that recipients of digital fund transfers receive their full amount with no backend deductions taken along the way.
- The circular also mandates that financial institutions base interbank transaction charges on actual processing costs, meaning sending money to another bank should no longer cost markedly more than sending it within the same bank.
- The rule also protects small merchants directly — financial institutions can no longer charge them for receiving electronic payments.
Through Circular No. 1238, signed June 17, 2026, the Bangko Sentral ng Pilipinas now requires that recipients of digital fund transfers receive their full amount with no backend deductions taken along the way.
The circular also mandates that financial institutions base interbank transaction charges on actual processing costs, meaning sending money to another bank should no longer cost markedly more than sending it within the same bank.
The rule also protects small merchants directly — financial institutions can no longer charge them for receiving electronic payments.
BSP Governor Eli Remolona Jr. said the reform aims to push more Filipinos and businesses toward digital transactions by making fees fairer and more transparent.
This is the regulatory backbone behind the wave of fee waivers Buddies have seen from banks this July.
Know your rights: if a transfer arrives short of what was sent, that's no longer supposed to happen under this rule.