Bank of the Philippine Island (BPI) has announced the elimination of online bank transfer fees for small transactions through its new BPI app, allowing customers to send money to any bank or e-wallet without charges.
The fee waiver applies to InstaPay transactions up to P1,000 and will be in effect from July 5 to September 30.
BPI’s decision aligns with the proposal of the Bangko Sentral ng Pilipinas to remove fees for small-value online transactions and reflects the bank’s commitment to customer satisfaction and addressing financial inclusion.
Currently, there are 78 supervised financial institutions participating in InstaPay, including big banks, thrift banks, rural banks, digital banks, and nonbank financial institutions.
