Millions of BPI customers will be able to transfer money to other banks and e-wallets without paying transaction fees starting July 1 after the bank removed charges for InstaPay and PESONet transfers.
The new policy covers transfers made through the BPI mobile app, online banking platform, VYBE, BanKo and BizKo, benefiting more than 9.5 million enrolled users.
Before the change, customers paid ₱10 for every InstaPay transfer and ₱50 for each PESONet transaction. Verified VYBE users already enjoyed free transfers before the expanded policy.
BPI President Jose Teodoro Limcaoco said in national reports that removing the fees would help make digital banking more accessible while encouraging more Filipinos to use electronic payments.
He said the bank expects customers to make digital transfers more often now that they no longer have to consider transaction charges.
The fee waiver applies to all existing BPI mobile app users, including active and inactive accounts, as well as clients under BPI Preferred, BPI Gold, BPI Private Wealth and verified VYBE users.
InstaPay allows real-time fund transfers between banks and e-wallets, while PESONet is used for batch electronic fund transfers.
BPI said the move supports the push for wider use of digital payments and is in line with the latest guidelines of the Bangko Sentral ng Pilipinas encouraging banks to adopt fair and market-based pricing for person-to-person electronic fund transfers.
The bank also advised customers to update the BPI mobile app to its latest version to access performance improvements and other enhancements.
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