BPI will eliminate fees for interbank fund transfers via InstaPay and PESONet beginning July 1, making such transactions permanently free for its customers.
The fee waiver applies to transfers conducted through the BPI app, online banking platform, VYBE e‑wallet, BanKo, BizKo, and the two clearing houses, covering both active and inactive users of the service.
Previously, the bank charged a P10 fee for InstaPay and a P50 fee for PESONet transactions processed on its digital channels.
Clients enrolled in BPI Preferred, BPI Gold, BPI Private Wealth, and verified VYBE users already received fee‑free transfers as part of their existing benefit packages.
The change is expected to benefit more than 9.5 million BPI app users by reducing the cost of digital transactions and expanding financial accessibility.
BPI President and Chief Executive Officer Jose Teodoro K. Limcaoco said the initiative reflects the bank’s 175‑year commitment to removing barriers to financial access and to fostering inclusive banking.
He added that eliminating per‑transaction fees should encourage more frequent use of digital transfers, simplify everyday payments, and enhance the practicality of the BPI app for managing personal finances.
The policy aligns with a recent central bank directive that requires financial institutions to adopt reasonable, market‑based pricing for person‑to‑person electronic fund transfers and to justify any fees through cost analyses.
The regulator aims for digital payments to account for 60‑70 % of total retail payment volume by 2028, up from 57.4 % of volume and 59 % of value recorded in 2024.
