#free fund transfer

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. 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. 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. According to the BSP, the decision follows the implementation of zero fees for small merchant payments and the establishment of a pricing framework for person-to-person electronic fund transfers. The BSP said the updated rules aim to create a more sustainable pricing environment for digital payments while ensuring consumers continue to have access to fast, secure, convenient, and affordable electronic fund transfer services. Read more in our articles including "BPI to remove InstaPay, PESONet transfer fees starting July 1" and "Pasig Mega Market gets Starlink internet for cashless payments".