BPI to remove InstaPay, PESONet transfer fees starting July 1

Bank of the Philippine Islands (BPI) will permanently remove transfer fees for InstaPay and PESONet transactions made through its digital banking platforms starting July 1. The move aims to make online banking more affordable and encourage more customers to use digital payment services.

According to a report by InsiderPH, the free fund transfers will be available through the BPI mobile app, BPI Online web platform, VYBE e-wallet, and BizKo, the bank’s digital banking app for small businesses. The bank said the initiative is intended to make digital financial services more accessible while reducing transaction costs for customers.

More than nine million enrolled users of the BPI app are expected to benefit from the change. Customers will be able to transfer money to other banks and supported e-wallets without paying fees using either InstaPay for real-time transfers or PESONet for batch fund transfers.

BPI said the move also supports the Bangko Sentral ng Pilipinas’ push for financial institutions to adopt fair and market-based pricing for person-to-person electronic fund transfers. The central bank has been encouraging banks to promote wider use of digital payments and improve financial inclusion.

Customers who want to use the free transfer feature through the BPI app should update to the latest version available on the Apple App Store, Google Play Store, or Huawei AppGallery. The update, released on June 25, also includes minor bug fixes and performance improvements.

The removal of transfer fees comes ahead of BPI’s 175th anniversary on Aug. 1 and marks one of the bank’s latest efforts to encourage more Filipinos to use digital banking for everyday transactions.