BPI drops interbank transfer fees permanently
MANILA, Philippines – The Bank of the Philippine Islands (BPI) will permanently eliminate fees for interbank fund transfers across its digital platforms beginning July 1, as part of its 175th anniversary and a broader push for financial inclusion.
Customers using the BPI mobile app, online banking, VYBE, BanKo, and BizKo will no longer pay the previous P10 per InstaPay transaction or P50 per PESONet transfer when sending to other banks and e-wallets.
The move aligns with Bangko Sentral ng Pilipinas Circular No. 1238, which encourages market-based pricing for person-to-person electronic fund transfers.
READ MORE: InstaPay, PESONet fee hikes now allowed but BSP sets limits
“We remain committed to removing barriers to financial access and making banking more inclusive for all Filipinos,” said BPI president and CEO TG Limcaoco.
BPI expects the initiative to benefit more than 9.5 million mobile app users. The bank advises customers to update to the latest app version to access new features.
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