BPI will permanently eliminate transaction fees for digital fund transfers via InstaPay and PESONet starting July 1.
BPI to Permanently Waive Transactions Fees for Both PESONet and Instapay
The fee-free initiative will span all BPI digital platforms, including its mobile app, its Online web portal, the VYBE e-wallet, and BizKo, the bank’s digital service tailored for small businesses.
The bank says it wants to make digital financial services more accessible while reducing users’ transaction costs, making it so that it aligns with the Bangko Sentral ng Pilipinas’ (BSP) push for fair electronic fund transfer pricing and wider financial inclusion.
Coinciding with the bank’s upcoming 175th anniversary on August 1, the permanent removal of transfer fees marks one of the institution’s most significant digital banking initiatives in recent years.
This move is expected to benefit over nine million enrolled app users, allowing them to send money to other banks and electronic wallets at zero cost. To access the free transfers, users are advised to update their BPI applications to the latest version.
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