The Bank of the Philippine Islands (BPI) will permanently waive fees for interbank fund transfers made through its digital banking platforms beginning July 1, becoming one of the first major banks to align with the Bangko Sentral ng Pilipinas’ (BSP) latest push to make electronic payments more affordable.
Under the new policy, transfers to other banks and e-wallets via InstaPay and PesoNet will be free when made through the BPI mobile app, online banking, VYBE, BanKo, and BizKo.
Previously, BPI charged P10 per InstaPay transaction and P50 for PesoNet transfers on its mobile app, while verified VYBE users already enjoyed free interbank transfers.
The move follows the issuance of BSP Circular No. 1238, which directs BSP-supervised financial institutions to adopt reasonable and market-based pricing for person-to-person electronic fund transfers.
The central bank has said lower transaction costs are intended to encourage wider adoption of digital payments and improve competition among payment service providers.
“As we mark our 175th year, BPI remains committed to removing barriers to financial access and making banking more inclusive for all Filipinos. 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,” BPI president and CEO TG Limcaoco said.
“We expect this to drive more frequent use of digital transfers as customers no longer have to factor in per-transaction costs. It simplifies everyday payments and makes the BPI app an even more practical tool for managing finances,” he added.
BPI said more than 9.5 million users enrolled in its mobile app are expected to benefit from the removal of transfer fees.
The waiver covers both InstaPay, which enables real-time transfers, and PesoNet, the country’s batch electronic fund transfer service.
The bank said the free transfers will be available to all existing BPI mobile app users, including active and inactive customers, as well as BPI Preferred, BPI Gold, BPI Private Wealth, and verified VYBE clients who already receive the benefit under their account privileges.
