BPI Waives Interbank Transfer Fees Permanently to Boost Digital Access

MANILA, Philippines — Bank of the Philippine Islands (BPI) is permanently waiving charges on fund transfers made via InstaPay and PESONet starting yesterday, in a bid to widen financial access and accelerate digital adoption. The Ayala-led bank said money transfers through the BPI application, online banking, VYBE, BanKo and BizKo are now free of charge. Previously, users were charged P10 for InstaPay transactions and P50 for PESONet transfers when sending funds through the BPI app. Transfers to other banks and e-wallets remain free for all verified VYBE users. “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 Jose Teodoro Limcaoco said. “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,” he added. Limcaoco said the initiative is anticipated to drive more frequent use of digital transfers as customers no longer have to factor in per-transaction costs. “It simplifies everyday payments and makes the BPI app an even more practical tool for managing finances,” he added. The lender said this aligned with Bangko Sentral ng Pilipinas Circular 1238 Series of 2026, which calls on supervised financial institutions to adopt reasonable and fair, market-based pricing for person-to-person electronic fund transfers. The free fund transfer initiative is expected to benefit more than 9.5 million BPI app enrolled users. It also aims to encourage greater use of digital platforms for payments, remittances and fund transfers. The waived fees apply to transactions of all existing BPI mobile app users, including both active and inactive customers, clients under BPI Preferred, BPI Gold, BPI Private Wealth and verified VYBE users who already enjoy free interbank fund transfers as part of their existing benefits. Finance Secretary Frederick Go has lauded BPI’s decision to permanently scrap charges on fund transfers made through its digital platforms. “We welcome BPI’s efforts to make digital transactions free,” Go said in a statement late Monday after pressing banks to cut high transfer fees to as low as P2 and lower remittance costs. “I have been an advocate for affordable digital banking fees. It is heartwarming to see one of the country’s major banks supporting our shared goal of building a more inclusive digital economy where every Filipino can benefit from greater access to financial services,” Go said.