MANILA — Bank of the Philippines Islands (BPI) will permanently remove transfer fees for InstaPay and PESONet transactions made through its digital banking platforms, including the BPI app, online banking, VYBE, BanKo, and BizKo, starting July 1, 2026. Customers will be able to transfer money to other banks and e-wallets for free as part of the bank's 175th anniversary and its continued push to make digital banking more accessible.
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| BPI mobile app offers free InstaPay and PESONet transfers to other banks and e-wallets. |
Previously, BPI app users were charged ₱10 for InstaPay transactions and ₱50 for PESONet transfers when sending funds through the BPI app. Transfers to other banks and e-wallets remain free for all verified VYBE users.
The move is also aligned with BSP Circular No. 1238, Series of 2026, which calls on BSP-supervised financial institutions to adopt reasonable and fair, market-based pricing for person-to-person electronic fund transfers.
“As we mark our 175th year, BPI remains committed to removing barriers to financial access and making banking more inclusive for all Filipinos. 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,” said BPI President and CEO TG Limcaoco.
“We expect this 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 free interbank fund transfer initiative is expected to benefit more than 9.5 million BPI app enrolled users, enabling more cost-efficient and accessible digital transactions.
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.
Free InstaPay and PESONet Transfers
- Zero fees for transfers to other banks and e-wallets
- Applicable to InstaPay (real-time transfers) and PESONet (batch processing)
- Available via BPI online banking, BPI app, BanKo, and BizKo
- Effective July 1, 2026
BPI App Update Required
In a related development, BPI customers will need to use the updated version of the mobile app by June 25. The app update includes minor fixes and performance improvements to further enhance the user experience.
Customers are encouraged to ensure their app is updated to the latest version, available on the Apple App Store, Google Play Store, and Huawei AppGallery.
Why BPI Removed Transfer Fees
BPI said the removal of transfer fees supports its broader strategy to make digital banking more accessible and encourage more customers to use online payments, remittances, and fund transfers. By eliminating transaction fees, the bank hopes more Filipinos will choose digital channels for their everyday banking needs.
Should customers encounter issues, BPI remains ready to assist through its official channels to ensure a smooth and seamless banking experience. Clients may visit www.bpi.com.ph or contact the BPI 24/7 Contact Center at (02) 889-10000.
