BPI, other Philippine banks to resume fees for online transfers

BPI, as well as other banks, are set to resume charging for online transactions using Instapay among others, as early as next month.

According to the service advisory released by BPI to its customers, it will resume the fund transfer fees to other banks via InstaPay and PESONet and to unenrolled BPI accounts. Customers may still enjoy BPI to BPI transactions through QR code cash transfer, as well as to enrolled third-party account.

BPI President and CEO Cezar Consing, who also heads the Bankers Association of the Philippines, shared that by banks will charge clients for online transfers.

“I think what is happening now, some banks will be charging from October 1, some banks will continue to waive fees until the end of the year. But eventually, we will have to go back to charging fees,” Consing said.

Instapay lets clients transfer up to PHP 50,000USD 852INR 72,230EUR 812CNY 6,205 per transaction while PESONet has no transaction limit per day. Both credit to the recipient’s account instantly on the same banking day, subject to the cut-off time.

The waiver of fees was initially done voluntarily. The Bangko Sentral ng Pilipinas however later urged all entities under its regulation to waive such fees to encourage the public to use online banking amid the COVID-19 pandemic.

Sources: BPI, ABS-CBN News