Bank of the Philippine Islands (BPI) has announced it will permanently remove transfer fees for InstaPay and PESONet transactions made through its digital channels starting July 1, as reported by YugaTech. The waiver applies to both sending and receiving funds via the bank’s mobile app and online banking platform.
The move aims to encourage greater use of digital payments and reduce transaction costs for customers. InstaPay allows real-time transfers of up to PHP 50,000 per transaction, while PESONet is a batch electronic fund transfer service. Both are part of the Bangko Sentral ng Pilipinas’ push for a cash-lite economy.
BPI is the latest major bank in the Philippines to eliminate digital transfer fees, following similar moves by competitors. The waiver is permanent and covers all BPI digital channels, though over-the-counter transactions may still incur charges.