BPI: No more InstaPay, PESONet digital transfer fees… forever

Insider Spotlight

• BPI will permanently remove transfer fees for InstaPay and PESONet transactions starting July 1.
• The move covers the BPI app, BPI Online, VYBE and BizKo, benefiting over 9 million enrolled app users.
• The initiative supports digital banking adoption and aligns with the Bangko Sentral ng Pilipinas’ push for fair electronic fund transfer pricing.
  
  
  

Bank of the Philippine Islands (BPI) will permanently waive fees for fund transfers made through InstaPay and PESONet across its digital banking platforms beginning July 1, as the country’s oldest bank steps up efforts to encourage digital payments ahead of its 175th anniversary.

InsiderPH learned that the free transfers will be available on 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.

Why it matters

The move is expected to benefit over nine million enrolled BPI app users, allowing them to transfer funds to other banks and e-wallets without paying transaction fees.

TG Limcaoco

The BPI president's initiative aligns with the central bank's policy to reduce friction costs in digital banking.

The announcement comes as the Bangko Sentral ng Pilipinas encouraged financial institutions to adopt more reasonable and market-based pricing for person-to-person electronic fund transfers. BPI said its decision aligns with the central bank’s policy direction to promote wider adoption of digital payments and improve financial inclusion.

By the numbers

Customers can send money for free via both InstaPay, which enables real-time transfers, and PESONet, the country’s batch electronic fund transfer service, across all supported BPI digital channels.

To access the free transfers through the BPI app, customers must update to the latest version available on the Apple App Store, Google Play Store and Huawei AppGallery. The updated app, released on June 25, includes minor fixes and performance improvements.

The bottom line

The permanent removal of transfer fees marks one of BPI’s most significant digital banking initiatives in recent years and coincides with the bank’s 175th anniversary on Aug. 1. By eliminating charges for electronic fund transfers, BPI aims to encourage more customers to shift to digital banking while making everyday financial transactions more convenient and affordable. —Daxim L. Lucas | Ed: Corrie S. Narisma