Bank of the Philippine Islands (BPI) will permanently scrap transaction fees for electronic fund transfers to rival lenders and e-wallets starting July 1.
The zero-fee policy covers real-time InstaPay and batch-processed PESONet transfers made via BPI’s online banking, mobile app, corporate portal BizKo, and microfinance channel BanKo.
The move complies with Bangko Sentral ng Pilipinas (BSP) Circular No. 1238, Series of 2026, which directs financial institutions to adopt reasonable, market-based pricing for peer-to-peer electronic funds transfers to bolster digital transactions.
The removal of the charges will affect more than 9.5 million enrolled digital users. BPI previously charged P10 for InstaPay transactions and P50 for PESONet transfers through its primary mobile app.
“As we mark our 175th year, BPI remains committed to removing barriers to financial access and making banking more inclusive for all Filipinos,” BPI president and CEO TG Limcaoco said in a statement. “Making interbank transfers free is a meaningful step toward enabling our customers to move their money more freely, while strengthening adoption of secure and convenient digital banking.”
The lender said the waived fees apply to all existing active and inactive mobile app users, alongside premium accounts under its Preferred, Gold, and Private Wealth segments.
BPI instructed clients to download an updated version of its app by June 25 to ensure optimal performance ahead of the July 1 pricing adjustment.
“We expect this to drive more frequent use of digital transfers as customers no longer have to factor in per-transaction costs,” Limcaoco added. “It simplifies everyday payments and makes the BPI app an even more practical tool for managing finances.”
