MANILA, Philippines – The Bank of the Philippine Islands (BPI) will permanently waive transfer fees for InstaPay and PESONet transactions beginning July 1, 2026, making fund transfers to other banks and e-wallets free across its digital banking platforms.
The zero-fee policy covers transactions made through the BPI app, BPI Online, VYBE, BanKo, and BizKo, with customers also enjoying unlimited free InstaPay transfers without any daily cap.
Previously, most BPI customers paid ₱10 for every InstaPay transfer and ₱50 for each PESONet transaction, making the move a significant cost-saving measure for millions of digital banking users.
BPI said the permanent removal of transfer charges is expected to benefit more than 9.5 million enrolled users while encouraging wider adoption of secure and convenient digital payments.
BPI President and Chief Executive Officer TG Limcaoco said eliminating interbank transfer fees allows customers to move their money more freely and is expected to increase the frequency of digital transactions by removing per-transfer costs.
"Making interbank transfers free is a meaningful step toward enabling our customers to move their money more freely, while strengthening adoption of secure and convenient digital banking," Limcaoco said.
The announcement follows the Bangko Sentral ng Pilipinas' issuance of Circular No. 1238, which lifted the nearly five-year moratorium on electronic fund transfer fees and directed financial institutions to adopt reasonable, fair, and market-based pricing.
While the BSP stopped short of requiring banks to eliminate transfer fees entirely, it emphasized that charges for transfers across banks and e-wallets should not differ significantly from intra-bank transactions except to reflect network processing costs.
BPI's decision goes beyond the regulator's minimum requirements and positions the Ayala-led lender at the forefront of efforts to make digital banking more affordable and accessible for Filipino consumers.
— The Summit Express
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